Castle Street Has Long Been Ripe for the Current Northward Movement

In most of this year, the price on Castle Street (LSE:CSI) has enjoyed a very sexy northward movement. Indeed, buyers should have held this stock several months ago and as a result of that get generously rewarded. It is good to continue looking for opportunities to buy here, especially when the price enters into a temporary consolidation phase.

The price would rally, then consolidate, and then rally, and then consolidate, and then rally, and then consolidate. This is the visible pattern in the chart. In April, the price broke upwards, and in July, further upwards break was experienced as the price broke above the support level at 35.00. At the same time, the RSI period 14 also goes into the overbought territory. The price would therefore go further upwards, as the movement is punctuated by occasional pauses along the way. That does not mean the price will drop, but it means the buyers would sometimes have to contend against the sellers before being able to reaffirm their supremacy.

Some wrongly think Castle Street will soon plummet, but we would be wise to trade only what we see. Always remember: Hope is rarely a good strategy

This forecast is ended by the quote below:

“If something goes wrong, you will as a trader have to figure out the reasons for that, analyse and reflect them painstakingly and then just carry on in such a way that things will work better in the future.” – Dr. Brett N. Steenbarger

What Super Traders Don’t Want You To Know: Super Traders

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