Monday, January 8, 2018

Chart of the Day - Fidelity Bank Plc (listed on the Nigerian Stock Exchange)



From a technical perspective, for two consecutive days there is in indecision in the direction of the share price; this is reflected in the Doji candle formations on 5th and 8th of January, 2018. 

Critically looking at the chart below, we can see a negative divergence between Price and MACD history also between Price movement and Volume traded (as price rally upward, volume declines).

Needful to note is that the decisive candle patterns occurs at the upper Bollinger band.


Source: Amibroker – Fidelity Daily Chart

Expectations:
Technically, the share price is beginning to show signs of impending corrections. As such we expect a decline in the market price of the share to support level

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