What Is the Best Trading Approach to LGO Energy?

PUBLISHED: 14 Apr 2015 @ 17:03 | Comments (0) | More info about Azeez Mustapha

LGO stock (LSE:LGO) currently requires trading methods that work in bear markets, for the dominant bias is bearish. In spite of desperate effort from the bulls, the bias remains bearish.

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 on the top left side of the chart. The EMAs are sloping downwards, and the price is generally under the EMA 200.

At the present, the price is slightly above the EMAs 10 and 20, going towards the EMA 50. Should any bearish candle form around this place, it would be an opportunity to sell short again. The bulls may make some attempts to test the EMA 20 and 50 again and again, but the overall bias will remain bearish as long as the price does not cross the EMA 200 to the upside.

This forecast is ended by the quote below:

“Winning traders take responsibility for their actions. When you identify what you can control, and take responsibility for it, you feel empowered. You feel in control, and you are ready to act decisively. And when you feel in control, you are in a winning state of mind. You’ll feel relaxed and alert, and ready to see opportunities and profit from them.” – Joe Ross

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