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Over a couple of sessions, buyers have been holding firmly against the trend lines of EMAs in the Price Phoenix Group Holdings Plc (LSE:PHNX), given that the stock currently consolidates, waxing higher at 560.
There has been a bullish candlestick in the making, as buying forces have continued to push through higher barrier point of the line in question. If a bearish candlestick emerges against the current positive forces, subsequent movements will potentially tend resorting to a reversal pattern. And the market lines between 560 and 540 will be the key zones.
Resistance Levels: 580, 590, 600
Support Levels: 540, 530, 520
Is it logically wise for new investors to buy PHNX Plc shares given the oscillators’ current overbought rating outlook?
Considering the positioning posture of the oscillators in the overbought region, it is technically unethical to just open fresh longing orders, given that the stock market consolidates presently, waxing higher at 560.
The stochastic oscillators’ positioning pattern in the overbought zone is indicating that it is not advisable to secure stable positive moves for the next operations. Conversely, if bulls are able to continue building along the trajectory of the developing bullish candlestick, more advances will likely be made toward the 580 resistance level. Above the 50-day EMA indication, the 15-day EMA indicator is extending northward. Additionally, they are below the moving averages.
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