Centamin: Time to Buy!

PUBLISHED: 12 Feb 2013 @ 16:32 | Comments (1) | More info about Azeez Mustapha

Since December 2012, Centamin (LSE:CEY) has been journeying upwards. If one was cautious of the bullish pressure then, the bias has now been confirmed. It is surprising that someone would still call short trades in this type of market. Is it normal to sell after the market has assumed this kind of bias? One’s relatives will understand it is a weakness, but outsiders will take it for mental sickness.

The ADX period 14 has been trying to rise in a strong trending mode, and will eventually rise above the level 30 as the buying pressure mounts. The DM+ is already above the DM-. The MACD signal line and histogram are above the zero line. There is a Bullish Confirmation Pattern on the chart, and the price moves upward in slow and steady manner, dotted with minor pullbacks that resulted in higher highs and higher lows. The price will not trend simply for trending being mandatory, but for the necessity of doing so. Things would move on the long side because optimism has now overridden dread.

This article is ended with the quote below:

“I want to be trading with strong trending stocks for the bulk of my trading strategies.” – Chris Cashman

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