NGXASI: NGX All Shares
While other sectors remained bearish during the week, the NGXASI maintained its position over the moving average. The index traded over its former resistance level and closed at 198407.30. This new price also broke the index’s all-time high record of 196463.22 to signal an upcoming bull surge.
Despite this optimistic view, MACD on the 4-hour and daily timeframes continues to lag. As a result, investors will use the Bollinger bands to spot 199749.98 as a potential resistance level. This resistance level will help market players understand the rationale behind MACD lagging and MFI below 50. How will other sectors influence this potential bull surge?
Market Performance Per Sector
NGXBNK: Banking Sector
The bears dominated the banking sector this week. However, the price traded over the moving average and closed at 1876.90. This price action indicated that investors were taking profit during the week.
The price broke the support level on 12th March 2026 in the daily chart. Following this action, the bulls took over the market to maintain the support level. As a result, this action formed an engulfing candlestick pattern on the daily chart.
This bull engulfing candlestick pattern signals an upward market reversal. Thus, investors and traders will expect a bull run the following week.
On the weekly chart, MFI and RSI tilted downward to 90.91 and 77.9, respectively. Volume remained low, which indicated that the bearish price action wasn’t strong enough. Finally, MACD remained bullish.
NGXCSMG: Consumer Goods Sector
This week, price action in the consumer goods sector indicated that profit-taking prevailed. On 12th March 2026, the market completed its double-top candlestick formation on the daily chart. This candlestick formation signaled a potential bearish surge in this sector. However, the price did not cross the support level.
Following this action, buyers took over the market to maintain support, closing at 5519.33. On the weekly chart, volume is low, indicating a weak bearish price action. RSI and MFI closed at 81.09 and 84.12, respectively. Finally, MACD remains bullish.
NGXIND: Industrial Sector
The industrial sector continues to attract traders and investors. On the weekly chart, the price rallied over its former resistance and closed at 8034.67. After a brief pullback today, the NGXIND continued its bull surge.
This strong bull rally also broke its potential resistance level at 7900.76. As a result, investors should expect the market to transition to its distribution stage, where buying into value and profit-taking occur.
MACD on the 4-hour and daily timeframes continues to lag. However, the weekly timeframe remains bullish. For investors, the weekly chart filters the noise from the daily chart. As a result, market players in this sector will plan to buy into value.
NGXOGSE: Oil and Gas Sector
The oil and gas sector transitioned into its distribution stage after a brief markup on the daily chart. On the weekly chart, the sector remains bullish and attractive to investors and traders.
The sector has a good volume, indicating high liquidity. MACD, MFI, and RSI confirm the strong bull momentum in the market. As a result, investors and traders still have opportunities to benefit from this bullish rally.
NGXINS: Insurance Sector
The insurance sector traded below the moving average and closed at 1273.09 on the weekly chart. This sector struggled to gain momentum on the daily chart, trading within its support zone of 1307.89 and 1272.42.
Since the price closed within this support zone, the sector has the potential to rally upwards. Market players will observe price action next week to understand the strength of this bearish sentiment.
A significant change in the weekly timeframe was MACD, indicating a bearish signal. For weeks, the insurance sector traded over the moving average and resisted at 1358.75. As a result, a bearish surge commenced.
Final Thought
The final market performance of this week massively impacted the NGXASI price action. The sector that dominated amidst profit-taking and bearish sentiment was the industrial sector. The sectors with bullish potential include banking and insurance sectors. Finally, the consumer goods and oil sector offers an opportunity for traders and investors to buy into value.
