GTCO Plc is one of Africa’s leading financial services holding companies and the parent company of GTBank and several non-banking financial businesses. Following its transition from a standalone commercial bank to a holding company in 2021, GTCO has diversified beyond traditional banking into payments, pension fund administration, asset management, and financial technology services. This structure allows the Group to generate multiple revenue streams while reducing dependence on interest income alone.
Current price: N129
Rating: Buy
Price projection: N158 and N184
Technical Analysis
In this report, we shall use the following tools and analysis methods:
Elliott’s wave theory to understand the overall market sentiment
Fibonacci tools to determine support and resistance levels
The Relative Strength Index and volume to evaluate the market’s strength
The Money Flow Index to determine the market liquidity
Moving average and MACD to understand the nature of the trend
Top-down analysis to know the best investment position
Elliott wave analysis
Weekly chart: Market overview
On the weekly chart, GTCO just finished wave A of Wave IV. Also, wave B hasn’t broken its current resistance at N130. Thus, the market remains corrective which opens up investment opportunities.
Daily chart: Investment overview
On the daily chart, the investment opportunity lies within the 0.5 and 0.618 Fibonacci levels. Thus, investors should watch N115.5 and N125 as potential strong support levels.
Indicator analysis
Weekly chart: Market overview
On the weekly chart, liquidity and moment remained strong as investors buy into value. Also, MACD’s bearish signal weakened, suggesting a potential trend reversal. However, the bullish volume gradually declined. Investors should analyze the volume and understand stock’s outlook
Daily chart: Investment opportunity
The bullish volume is strong on the daily chart which is attractive for investment. A continuous bullish momentum should met resistance at N136 to end wave B for wave C. Wave C would offer better opportunity for discount investors.
SWOT analysis
