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In the vein of shifting further to the downside in the Bens Creek Group Plc shares (LSE:BEN), the price succumbs to falls since the last time it failed to breach beyond the resistance line of 18, averaging the support line of 12.
As it has been seen, bears are in charge of the transaction environment because the market has been seen trading close to or over the point of 12 to give rise to the likelihood of soon witnessing a stock-up process. To raise a line of caution signal to any idea of trying to push through the south side from its current trading position of roughly 13, an early oversold reading condition has been attained. Beyond that line, a dreadful southerly falling force might cause the market’s trade point to return to its prior low of about 10. However, it will also allow shareholders to join the transaction line at a far lower cost.
Resistance Levels: 16, 18, 20
Support Levels: 12, 10, 8
Should short sellers in the BEN Plc shares maintain their short positions despite the appearance of an oversold condition?
It would be a risky game for sellers to continue to play alongside a declining force even if it comes in an aggressive manner, given that the BEN Plc stock market succumbs to falls, averaging a support level of 12.
The 15-day EMA indicator has slightly bent southward closely at the topside of the 50-day EMA indicator. A line of bearish candlesticks has emerged across the moving averages to be placed below them. The stochastic oscillators have crossed into the oversold area from the south. The price movement activities on the active trade candlestick foretell an impending rallying signal. Therefore, sellers should exercise caution when moving further below the mark of 12.
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