Melrose
Industries shares (LSE:MRO) are not a sexy market. In fact, it is an ugly
market. After the brief rally of December 2017 and January 2018.
Since
then, the market has been experiencing short-term upswings and downswings. Moving
between the resistance level at 240.00 and the support level at 200.00. The
current short-term swings should continue for some weeks or months… But…
4 EMAs are
used for this analysis and they are EMAs 10, 20, 50 and 200. The color that
stands for each EMA is shown and the top left part of the chart. The movements
of the EMAs are flat – the market is ranging.
That will
end as price goes above the resistance level at 240.00, moving above it and
going further upwards. Or price may go below the support level at 200.00, thus
creating a bearish bias.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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