Trend Analysis:
The strong rally in the share market price of NAHCO after
having found support at SMA 100 at N3.05k rallied steeply to high of N4.49k
when it breached resistance now acting as support at N3.92K.
With the Doji candle formation in the last trading in the
month of November on high volume and RSI 14 day period at overbought suggest a
potential profit taking by investors in the coming days to possibly drive the
share price to retest N3.92K where a renewed bargaining interest is expected to
be seen.
Daily chart
Expectation:
The share price is expected to witness a corrective movement to retest resistance now turned support at N3.92
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