Emporium Group (MPM) consolidates ahead of a possible rally
By
Azeez Mustapha
PUBLISHED:
21 Oct 2019 @ 22:17
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More info about Azeez Mustapha
Emporium Group shares (LSE:MPM) are currently consolidating and that has formed a very strong base, which could make a possible rally occur at any time. Yes, price has shown inability to go further downwards. An upwards momentum is the most probably.
The sideways movement has been on since June 2019, and price went further lower in early October 2019, ranging since then. Sellers are really tired.
Price is currently hovering between the upper and lower Trendlines, and a break above the upper Trendline will trigger a protracted bullish run. The current consolidation cannot last forever.
The RSI period 14 moved briefly below the level 20, only to go upwards again and it is now roughly around the level 30; promising to go towards the levels 40, 50 and 60. The RSI will go seriously upwards once the expected rally does occur.
MPM price may go towards the distribution territories at 1.00, 2.00 and 3.00 within the next several months.
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