Petro Matad price analysis: Within the maniacal movement, MATD remains weak

Petro Matad Limited shares (LSE:MATD) are to continue its bearish, random movement. The recent movements in the market have been bearish and this would most probably continue.

There was a gap up in October 2019, and following that, price has been coming downwards gradually. There is a tendency for price to move below the EMA 21, while the Williams’ % Range period 20 is almost pointing downwards (and it may eventually turn downwards).

It is most likely that the last gap in the market would eventually get filled, bringing the market further downwards. Therefore the targets for the next several months are 3.00, 2.00 and 1.00.

Yes, Petro Matad price would fill the recent gap before price bounces upwards again, because that area is around a very strong and formidable demand level, and there can be a serious rally from there once the gap is filled.

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