NSEASI Downtrend Continues Amist Weak Momentum

   Chart Source: Amibroker                                                                       NSEASI Daily chart

Market Sentiment:                                                                      Actionable Points

Long term – Bearish                                                                       Intermediate Resistance: 31,256.16 bps
Mid-term – Neutral                                                                        Support: 28,053.16 bps
Short term – Bearish

Technical Profiling:

The NSEASI continues to trend lower at a weak price momentum. This is defined by declining price trend and declining volume at finding support at the lower Bollinger band.

Technical Implication:

Downward momentum loosing steam as the uptrend is building momentum. A reversal at this current support level could offer short term potentials in speculative stocks, on the other hand a breach below key support level 28,053 would solidify the bearish trend. 

For more analysis, realtime trade calls and Technical analysis education of stocks both for Nigerian Equities Trading and other global markets, mail trendonomicsng@gmail.com or contact 09092133294 to join our mailing list.

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DISCLAIMER

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 email 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.

NSEASI trades in range: In search of Direction

Chart Source: Marketwatch                                                                         NSEASI Daily chart

Market Sentiment:                                                    Actionable Points

Long term – Bearish                                                   Intermediate Resistance: 31,256.16 bps
Mid-term – Neutral                                                    Support: 28,053.16 bps
Short term – Neutral

Technical Profiling:

Investor’s indecisive bias in the Nigerian Stock Market has resulted to a zigzag movement in the broad index trading within a tight technical range ending the trading week marginally on the upside by 0.60%. The NSEASI price action shows a weak price momentum as the Bollinger band continues to contrast in a flat oscillator indicator (RSI 14 day period). The above daily reflects non-volatility and indecision from market participants.

Technical Implication:

Downward momentum loosing steam as the index continues to form a higher low week in week out finding support at 30,000 basis point. A trend above at 31,256.16 bps would favor the upside while on the down side, a breach below 28,053 basis point would mean the long term downtrend has thus resumed. 

For full analysis of stocks to watch with upside potentials on the Nigerian Stock Market and other global markets, send “add me” to trendonomicsng@gmail.com to join our mailing list.

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DISCLAIMER

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.

Strong USDOLLAR Bid Room for More

Source: Meta4trading platform                                                                        Daily chart

Fundamental forecast: Neutral

Market Sentiment:                                                                                      Actionable Points

Long term – Bullish                                                                                         Resistance: 97.78
Mid-term – Neutral                                                                                         Support: 96.60
Short term - Bullish

This past trading week saw the Greenback posted its best week in five months. The rally was derived less from the currency’s own fundamental improvement rather than slump amongst its major counterparts. The dovish shift and expectations from the ECB, PBoC, RBA, BOJ has thus favored the Dollar where market participants sort better alternatives. In the coming week, the FOMC decision would be market focus and other array of fundamental indicators expected from the US.  

Technical profile:

·         The daily chart above shows a upward break in an intermediate resistance 96.60 

·         Price action trading above confluence of flat moving averages

·         MACD histogram shows a strengthening upward trend

Trading Advice:

With short term bias up, Day traders and swing traders may take advantage of the current upward trend with short term timeframe perspective eyeing resistance level 97.78 on the other hand a close back below 96.60 would likely see shift in bias for the Greenback.

For full analysis of stocks to watch with upside potentials on the Nigerian Stock Market and other global markets, send “add me” to trendonomicsng@gmail.com to join our mailing list.

-------------------------------------------------------------------------------------------------------------------------------------------------

DISCLAIMER

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.