Prospex Oil to soon end being choppy

Prospex Oil shares (LSE:PXOG) are currently choppy. The market has been choppy for about 3 months and that is about to send soon…

Price has oscillated between the upper and lower Trendlines, with no directional movement. The RSI period 14 is also not at, or around the overbought and oversold territories.

Prospex Oil is not attractive right now, but price is expected to soon close above the upper Trendline or close below the lower Trendline. Then a directional bias would ensue and it would be supported by the location of the RSI 14.

The future movement is what would determine whether the bias on the market would be bearish or bullish. A bullish bias would occur once price closes above the upper Trendline, and a bearish bias would occur once price closes below the lower Trendline.

 

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