Tower Resources Plc Price: TRP Moves in Ranges, Depressing Below 0.05

PUBLISHED: 13 Sep 2023 @ 06:14 | Comments (0) | More info about Azeez Mustapha

Following a southward gap that occurred between May and June from above the resistance of 0.10 to prolong lower ranges in Tower Resources Plc stock (LSE:TRP), the market stays depressed below the resistance line of 0.05.

Even if prices tend to tumble further, the level of depression below the trading barrier at 0.05 seems fragile and not sustainable. In order to help bulls position themselves well for pushes back to the north later, successive lower lows have been extended. To gain greater points, stock lines must already be piled, and positions must be held for an extended period of time.

Resistance Levels: 0.05, 0.075, 0.10
Support Levels: 0.03, 0.02, 0.01

Is it suitable for investors to purchase TRP Plc throughout these price ranges?
We are of the opinion that it is now technically okay for shareholders to start adding to their portfolio weights in the market operations of the Tower Resources Plc shares as they have been moving in ranges and depressing below the resistance level of 0.05.

The 15-day EMA trend line has been tightly stretched through the formation of candlesticks, featuring underneath the trend line of the 50-day EMA. And they are closely placed below the point of 0.05. The stochastic oscillators have been swerving northbound, traversing through higher points. But no significant upward push has been made to signify that buyers are ready to move in an increasing mode in the near future. Nevertheless, gaining positions is recommended ahead of sudden rebounds.

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