Premier African stock (LSE:PREM) consolidated from October to December 2017, and then dropped sharply in early this year. Price has also been consolidating since then in a tight range.
What is now present in the chart is a base, from which price would rise or fall.
Now looking at the chart, the market has gone below the EMA 21, and the William’s % Range period 20 is in the oversold region. This shows a bearish propensity.
When a breakout eventually happens, it would most likely be in favor of bears – given the current price action. The outlook on Premier African is bearish for 2018.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html
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