In the past week, the share appreciated by 9.75% but the
volume compare to last week declined by 18.72% also reacting at N32 a key
resistance point. Current price range of N31.5 - N32 is the 127.2% Fibonacci
extension (profit taking) level.
Price correction (pull back) is expected to around N27.50 -
N28.
Bottom-line:
We expect pullback to between N27.50 - N28 before a new
resumption of the upside rally. On the other hand, a break above N32 on
stronger volume towards the bid side would see a steep upside rally thus we
would look out for a retest of N32 before accumulating.
DISCLAIMER
Adeshina, Trendonomics or anyone
involved with Trendonomics Resources Company will not accept any liability for
any trading loss or damage as a result of reliance on the information contained
within this website including data, quotes, charts and buy/sell signals. Please
be fully informed regarding the risks and costs associated with trading the
financial markets, it is one of the riskiest investment forms possible.
For more analysis, realtime trade calls and Technical analysis education of stocks both for Nigerian Equities Trading, FX, Commodities and other global markets, mail trendonomicsng@gmail.com or contact 09092133294 to join our mailing list.
Posts
No comments:
Post a Comment