MXO Oil Chart – Will Price Rise from the Base?

Share On Facebook

MXO Oil stock (LSE:MXO) is now trying to rise from the long-term base it has formed in the market. Would this be a sustained bullish movement or a false breakout?

From July to August 2015, the price nosedived, after which it formed a base. The base was in place from August till now… But there is an action in the market. The price gapped up shallowly, which enabled the price to go above the EMA 21. The Williams’ % Range period 20 is also in the overbought territory.

This is a bullish signal, indicating that MXO Stock might go further upwards. Though, a movement above the distribution territory at 3.5 is needed to prove that the current breakout is not a bogus one.

This forecast is ended by the quote below:

“Having more money won’t help you much if you can’t trade profitably at small size.” – Zr1Trader (Source:

What Super Traders Don’t Want You To Know: Super Traders

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch:

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20200329 21:41:53