Canadian Overseas Petroleum Limited price analysis: COPL moves sideways in apparent weakness, ready for a strong rally

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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.

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.

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