Genel Energy Beginning To Trend?Although price was previously in a downtrend Genel Energy is showing signs of heading in an uptrend now.
On the Daily chart price is already above the 50 & 200 simple moving averages which gives it a bullish bias.
Right now price appears to be fast approaching the Weekly 200 simple moving averages which may act as a strong resistance level.
This stock is not yet ready for a trend trade for the above reasons but it is worth adding to the watchlist as there is a lot of potential
for a strong trend if we see price break the 200sma.
Since March 2017 when the low was made, we are starting to see higher highs and higher lows which is the first and obvious indication
of an uptrend and the pullbacks are starting to be smaller in depth which is what we want to see.
We will be keeping an eye on this stock and taking action when the time is right.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
