Condor Gold Price: CNR Has Oversold, as It Is in a Descending Order

PUBLISHED: 05 Jul 2023 @ 07:23 | Comments (0) | More info about Azeez Mustapha

The Condor Gold Plc shareholding company (LSE:CNR) is in an oversold condition, maintaining a descending order that could place it positively under a consolidation setting in furtherance of devaluation processes.

It would be better for short-position takers to be positioned around the resistance line of 30. The moves to the downside have recently gotten confirmation, affirming the possibility of bears consolidating in the near term. Nonetheless, the present condition is bound to witness a bouncing cycle for a respite that will allow the necessary rally to at least test the psychological resistance point around 27.50 before driving back into downward trend resumption afterward.

Resistance Levels: 27.50, 30, 32.50
Support Levels: 20, 17.50, 15

Where is the logical testing point for the CNR Plc price for resuming a decent sell-off situation?
The near-testing resistance line of the current trade situation lies around 25 and 27.50, as the Condor Gold Plc price is oversold to keep a descending order.

The 14-day EMA indicator has successfully crossed southward against the line of the 50-day SMA indicator. From the technical outlook, variant candlesticks have formed a greater deal of responsiveness around the path of the smaller trend line to ascertain that bears at this point will possess an upper hand over bulls. The Stochastic Oscillators have been moving in a consolidation style in the oversold region, suggesting that the process of stockpiling in the company has to be put on hold for a while.

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