Bahamas Petroleum Company price: BPC remains weak and will grow weaker

PUBLISHED: 29 Dec 2020 @ 02:23 | Comments (0) | More info about Azeez Mustapha

Bahamas Petroleum Company shares (LSE:BPC) have been weak and they remain weak. Hopes of bullish momentums have been dashed, and it seems things may go further downwards from here.

The current phase of bearish movement started around the middle of November 2020, and it holds. Price is below the EMA 21, and the Williams’ % Range period 21 is in a much oversold territory. The weakness in the market has be so strong to the extent that, it does not make sense to assume any long positions right now.

BPC would continue going further southwards, towards the support levels at 2.00, 1.50 and 1.00 in the year 2021. Any rallies attempts in the market will be clear signs of opportunities to go short when prices become a bit expensive, and in the context of a downtrend.

Teach Yourself Technical Analysis: Teach Yourself

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.