Buyers Happy to Ride Burberry Group to the Supply Level at 1600
By
Azeez Mustapha
PUBLISHED:
Jul 25 2016 @ 23:08
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More info about Azeez Mustapha
Burberry Group shares (LSE:BRBY) are a good example of an ideal market for buyers. There is a clean bullish signal in the market and buyers are happy to ride it further north.
Price is above the EMA 21 and the Williams % Range period 20 has often remained in the overbought territory. This is a classic example of a strong market: While price could temporarily retrace bearishly a bit along the way, the strength is expected to continue in the next several weeks or months.
On Burberry Group, the initial target for buyers is located at the supply zone at 1600 (though price might go far beyond that supply zone).
This forecast is ended by the quote below:
“In many ways people believe that they have a long term relationship with a stock that should continue on a linear trajectory. Very few things in life are linear other than the relentless advance of human stupidity fueled by social media.” – Chris Tate
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