Premier African Minerals price analysis: PREM to continue its downtrend

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Premier African Minerals stock (LSE:PREM) has recently undergone what could be called a roller-coaster movement. From January to February 2020, price moved sideways. From February to March, it moved downwards. From March to April, it moved sideways again. It went upward in May and has started coming down this June.

The market is currently below the EMA 21 and could eventually close below it. The Williams’ % Range period 20 is already in the oversold region. This should be taken as a bearish signal rather than a bullish signal.

Once price closes below the EMA 21, there would be a confirmed bearish signal in the market, which could take PREM towards the support zones at 0.08, 0.07 and 0.06. The outlook for this market is clearly bearish.

 

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