Chart of the Week (Nigerian Stock Market) – Dangote Cement Plc

Technically the price action of Dangote Cement share formed an interesting pattern at support level.

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Trend Analysis for the Nigerian Stock Market (WoW) – 24th February, 2018

This week the investing communities were bearish in most stock but the sell-off could not be sustained as we saw some stocks resumed buying pressure and the NSE All Share Index rallied back above key technical level. 

What do we expect in the coming and what potentials exist in the coming. 

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Trend Analysis 

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Nigerian Stock Exchange Trend Analysis (WoW) February 2nd, 2018

There are alot of technical analysis talking point for the broad index, the NSE All Share Index where momentum seems weak though still rallying upward marginally day on day.

Watch deatil videos of the week.

Technical analysis of the NSE All Share Index

Trend expectations for some individual stocks listed on the floor of the Nigerian Stock Exchange

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The Nigerian Stock Exchange Trend Analysis Review and Outlook on 13th January, 2018.

Conclusion:

Based on technical analysis, index is to likely begin a corrective movement to the downside driven by the expectation that investors would embark on more profit taking activities (which technically started on Friday 12^th January, 2018) to test immediate support of 39,588.9

Our expectation is informed by the inability for the index to rally or close above the key resistance level of 43,255 while also all momentum indicators on the monthly, weekly and daily timeframe are either at the overbought territory or showing signs of impending negative divergence.

Summary:

Most stocks that have availed investors with capital gains over the past weeks are more likely to retrace or correct as such drive the index down to retest support level 39,588 on the other hand a monthly close above key resistance 43,255 would signal more steep rally in most valuable stocks listed on the exchange.

For summary of my technical analysis view on individual equities, contact me on a.adetunji@trendonomicsng.com

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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 5^th and 8^th 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