Prices are in a corrective phase but the correction is likely to be less ferocious than that experienced by the broad market and high-yield stocks. The moving averages are intact, but prices are set to test the confluence of the 50- and 100-day moving averages, both of which are currently at 66 cents.
This level should provide support. In 1Q2013, the 65-to- 66-cent mark was a resistance level and this should halt the decline. Any rebound will be mild, though, and prices are likely to move sideways for several weeks.
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