Purchase Mariana Resources at 7.00 and sell it at 10.00

PUBLISHED: Nov 20 2013 @ 07:50 | Comments (0) | More info about Azeez Mustapha

Mariana Resources (LSE:MARL) which broke northward in a significant mode at the beginning of November 2013, is currently being pulled back. This is a good opportunity for the bulls to go long at cheaper prices.

Here, the ADX period 14 is sloping above the level 50 (signifying a very strong bias), while the DM+ is above the DM-, which means the bulls’ supremacy. The MACD (default parameters) histogram and signal lines are above the zero line. The signal lines are even far above it. This means that while we can count on a possible reversal, it would be temporary in nature, as a result of the Bullish Confirmation Pattern on the chart. The bear may not want to risk selling short in this kind of market. Can the carpenter eat nails?

Conclusion: The price on Marianna Resources is projected to go to the supply zone of 10.00 this year or next year. It is your action that would show if you can make money in this market. You may want to capitalize on the bears’ frailty by going along the bulls’ stamina. It is now crucial for you to join the bulls in getting rid of the bearish threats, since this plays a factor in your probability of making gains.

This forecast is ended with the quote below:

“Mistakes basically are the best thing that can happen to you – especially at the beginning of a trader’s career where you trade a small account.” – Marko Graenitz

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