Fidelity Plc
The market share price of Fidelity Plc which saw a renewed
rally which started from N1.21k having continually find support at 61.8% Fibonacci
retracement level of high of N1.48k and low of N0.75k to reach an high of
N1.77k in the week ended 11/10/2017.
Technically, the profit taking level for the renew rally was
127.2% Fibonacci extension at N1.68k, this was slightly breached but investor’s
profit taking activities eventually brought price back below N1.68K.
RSI 14 day period currently trades at 75 level (overbought)
while volume trade in the last week 17th November, 2017 declined
(indicating lack of interest to accumulate)
In the last traded week ended 17th November, 2017
saw investors sell Fidelity shares to close bearish below 127.2% Fibonacci
extension level having N1.48k as support (resistance now turned support).
A renew bargaining interest is expected to be seen at N1.48K
level.
As long as price trades above SMA 100, the sentiment remains
bullish for the stock.
Happy Trading
Posts
No comments:
Post a Comment