Shanta Gold Limited Price: SHG Averages 12, Contending with a Correction Sign

PUBLISHED: 05 Nov 2023 @ 03:45 | Comments (0) | More info about Azeez Mustapha

The present trade situation in the Shanta Gold Limited shares financial institute (LSE:SHG) portends that the stock averages 12 resistance lines, contending with a correction sign.

In order to establish a potential wall to the downside, a noteworthy falling candlestick has been produced underneath the resistance line of 12. The subsequent transactions may act by settling below the value line. Retraces following an initial breakout against the line of 11 have been observed, signaling to the buyers that they should exercise caution when initiating new lengthy position orders. We advise buyers to use caution when purchasing near or above the moving average indicators.

Resistance Levels: 12, 12.50, 13
Support Levels: 10, 9, 8

At this point, what is the actual demonstration that the EMAs in the SHG Limited stock price are pointing to?
An overbought situation, signifying that long-position placers might face a difficult moment to surge up from the present spot around the trend lines of the EMAs as the stockholding trade averages the resistance of 12, contending with a correction sign.

The way the indicators are arranged, it appears that now is the right moment to exit some profitable positions. A bearish candlestick has been forming on the 15-day EMA, and the 50-day EMA is still hovering just below it. Currently, the stochastic oscillators are crossing southward and are situated between 80 and 60 values. Investors really shouldn’t take a chance by backing any upward surge against the 12-line in the foreseeable future.

Learn from market wizards: Books to take your trading to the next

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.