Shanta Gold Limited Price: SHG Has Peaked, Strategically Attempts Reversal

PUBLISHED: Dec 20 2023 @ 16:28 | Comments (0) | More info about Azeez Mustapha

The Shanta Gold Limited shares market (LSE:SHG) has managed to push into a peak zone closely beneath the resistance line of 14, strategically attempting reversal motions.

In an attempt to create a divergence pattern, the price might continue retaining its value around point 14, either close to or around the value line’s barrier. It is not recommended to place new purchase orders at this time, as it could be tough to envision bulls consolidating under the current circumstances. As a result, investors who entered this stock market a few weeks ago would have been able to pay out their gains before any notable depreciation movements occurred.

Resistance Levels: 14, 14.50, 15
Support Levels: 12, 11.50, 11

Given that the SHG Ltd. market is in an overbought state, should investors add additional points going forward?
It would be un-technically appropriate for a shareholder to start buying into this stock at this moment, as the price has moved to a peak point notable to gain back attempts to reverse, possibly in the subsequent operations’.

The 15-day moving average trend indicator is once again rising above the 50-day moving average signal. Moving in a consolidation, the stochastic oscillators are in the overbought area. It is unlikely that bulls will be able to move further northward. Bears will therefore assume responsibility for managing the speed of price movement.

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