Nu-Oil & Gas: A Strangely Looking Market

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Nu-Oil and Gas shares (LSE:NUOG) are a strange market. Price has been quite choppy this year, with most candlesticks having long upper and lower shadows.

 

4 EMAs are used for this strategy and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart.

The EMAs 10, 20 and 50 are currently sloping downwards, and price itself has just crossed the EMA 200 to the downside. This is an important bearish signal, with a possibility that the EMA 200 also would soon begin to slope downwards as well.

Nu-Oil & Gas is expected to continue going downwards, although price is a kind of strange with upper and lower shadows on most candlesticks.

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