Would Koovs Go Up Again?

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Koovs shares (LSE:KOOV) were bullish from March till the end of July 2016, allowing a clean Bullish Confirmation Pattern to be formed in the chart as depicted by the indicators mentioned below. However, something is currently happening…

The ADX period 14 is below the level 20, while the DM+ remains above the DM-. This means that the indicator still gives a bullish signal, which is not currently strong. The MACD, default parameters, has its signal lines above the zero line, while its histogram is already below the zero line (even the signal lines are sloping downwards).

What does this mean? It means that while the bullish signal is in place, the MACD and the ADX are giving mixed signals: weak momentum coupled with increased bearish activity. Should the MACD signal lines cross the zero line to the downside, and the ADX DM+ crosses the ADX DM- to the downside, there would be a “sell” signal.

Should anything happen on Koovs contrary to what is explained in the preceding paragraph, the Bullish Confirmation Pattern in the chart would become clearer.

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