The RBS shares (LSE:RBS) are currently in a
precarious bullish outlook. Large dips in the price have been followed by
further northward rallies, and the current dip may also end up allowing more
northward trend.
Although the EMA 21 is now sloping upwards, the
price is currently below it. The Williams’ % Range period 20 has also
fluctuated close to the oversold territory, meaning the bears are making serious
attempts to push the price towards the south. Since the current price action
seems to be a fertile ground for the bears, they want to flex their muscles.
The butterfly is clothed in beauty, and as a result of that it begins to
challenge the thorn. The demand level at 340 should be an impediment to further
downwards movement, because the overall trend could turn bearish in the event
that the demand level fails to frustrate the effort of the bears.
On Royal Bank of Scotland, the outlook is bearish in
the short-term but bullish in the long-term. The demand level at 340 should
frustrate the effort of the bears and the price could go upwards towards the
supply levels at 500 and 600 respectively.
Learn from the Generals of the Markets: Market Generals
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