Canadian Overseas Petroleum Limited price analysis: COPL moves sideways in apparent weakness, ready for a strong rally
By
Azeez Mustapha
PUBLISHED:
Dec 04 2019 @ 10:23
|
Comments (0)
|
More info about Azeez Mustapha
Canadian Overseas Petroleum Limited shares (LSE:COPL) are currently consolidating, in apparent weakness. A breakout is imminent.
Looking at price more closely, it can be seen that the market is making weak attempts to rally, but that effort pales into insignificance when compared to the ongoing sideways movement. Bulls are intent on pushing price upwards but that feat is not easy to achieve, at least, for now.
![](https://www.advfn.com/p.php?pid=chartscreenshot&u=xSG/ufHQ4O1ZpQUCnuVURVUhGDxJ6IE1CDjNNcAPnqw=)
The EMA 21 is kind of sloping downwards but not very vivid; while the Williams’ % Range period 20 is moving towards the overbought area (upside). Price itself is currently scaling the EMA, and it would inevitably settle above it.
Eventually, COPL will break out to the upside, and a strong, protracted bullish journey will resume.
Trading realities:Â Trading relaities
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).
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.