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In the months of May and June, 2013, Summit Corps shares (LSE:SUMM) succeeded in rejecting further bearish threats in the market, hence the currently new Bullish Confirmation Pattern on the chart. It looks sensible to seek long trades now.
The cause of the Bullish Confirmation Pattern are the price action (the price has jumped upwards recently), the ADX period 14 and the MACD default parameters. The ADX line is slightly above the level 20, going towards the level 30. Although this is nothing significant at the present, the possibility that the ADX line could go up higher is enhanced by the fact that the DM+ is above the DM-. Right now, the MACD signal lines and histogram lines are above the zero line.
By the foregoing, it is clear that the bull has ousted the bear, and it is high time buyers took an advantage of this scenario. The price could go upwards towards the supply level of 6.00 – good for the embarrassed bear, for it was not wise enough to use the opportunity he had to push down the price significantly lower. The dirty man’s food was being eaten with reluctance, and he was even frugal with the meal he served.
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