Matra Petroleum – Buyers May Be Whacked

PUBLISHED: 20 Mar 2013 @ 06:46 | Comments (0) | More info about Azeez Mustapha

Currently, and until further notice, it may be suicidal to open long trades on Matra Petroleum (LSE:MTA). Since the last year, the price has been going down slowly and steadily.

In the current downward bias, the market consolidated lower in the month of February 2013, breaking the lower Trendline before the end of that month. Yea, the price closed below the lower Trendline, and has been trading lower since then. Moreover, the RSI period 14 has gone below the level 50. This is a downside breakout from a consolidation zone: buyers may therefore be whacked. Any transient rallies would be ineffectual. An astute speculator does not give a damn about transient negativity. This is a wake-up call to the bulls. This market is not favorable to the bulls right now, provided you do not pretend this is a bullish trend. We only wake up he, who in fact, is asleep. We do no wake up a pretender. It is not mandatory which time horizon you are considering – whether higher or lower time horizon. You see the same instrument price ultimately. The mandatory thing to do is to look at the optimal time horizon that would give you a bird’s eye view of what you need to know.

This article is ended with the quote below:

“I learned early on that the market doesn’t care about my opinion.” – Brian Shannon

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