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Anglo Asian Mining Plc price: AAZ generates a bearish signal

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Anglo Asian Mining shares (LSE:AAZ) have already generated a bearish signal and things are expected to fall further from now going forwards. Price dipped from the beginning of this year till March 2020, and then it went upwards again, going northwards till August, when it reached the overbought area and began to fall.

While the ADX period 14 is at level 20, showing the momentum in the market is not much, the DM- has already crossed the DM+ to the upside. That is a bullish signal. The MACD default parameters, has already had its histogram appear below the zero line. Its signal lines are pointing downwards and they are expected to cross the zero line to the downside. Once that condition is fulfilled, the current bearish signal would be 100% confirmed (Bearish Confirmation Pattern).

AAZ made some effort to go further upwards in early August, but bears rejected the move. Price has thus started going downwards, and that is just the beginning.

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