Ignore this bullish signal on Mayair Group

Mayair Group stock (LSE:MAYA) is a bear market, which has been running for the past several months. But the current rally seems to be a turning point in the market? Is this sustainable?

4 EMAs are used for the strategy. They are EMAs 10, 20, 50 and 200. The color that stands for each EMA is located at the top left side of the chart. We can see that all the EMAs are sloping downwards, pointing to a weak market, though in the month of August, price has been making attempt to go up.

This bullish attempt should be ignored, for it is essentially a rally in the context of a downtrend. The rally is thus seen as an opportunity to sell at higher prices.

The only thing that would bring about a bullish signal on Mayair Group is when price crosses the EMA 200 to the upside (a Golden Cross). Then The EMAs 10, 20 and 50 would have started sloping upwards. Right now, the market is bearish and traders should go short.

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