Randgold Resources will rise for the rest of 2014

PUBLISHED: 01 Jul 2014 @ 19:49 | Comments (0) | More info about Azeez Mustapha

Randgold Resources shares (LSE:RRS) were bullish at the beginning of this year, before the market was caught in a 3-month correction which lasted until the end of May 2014. Since the beginning of June 2014, the market has been going upwards, and it is expected to continue doing that for the rest of this year.

The correction that occurred from March to May, 2014 merely gave a good opportunity for more bulls to take advantage of the bullish trend would pan out for the rest of this year. In the chart, 4 EMAs are used, and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left corner of the chart. At the present, the EMAs 10, 20, and 50 are sloping upwards while the price is above them. This is a strong bullish signal.

The EMA 200 provides a strong support for the bull – a morbid opposition to the bears. You may want buy long and hold the shares till around December. An astute speculator has come to terms with the vagaries of the market, and he would not hesitate to smooth his order when things do not go in his direction.

This forecast is ended with the quote below:

“Your psychological risk appetite fluctuates depending on circumstances — it does not stay at some fixed level in your personality.” – D. R. Barton, Jr.

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