Current price: N360.10
Rating: Sell
Price projection: N380.56
On July 14, 2026, a technical analysis report on HBM Nigeria Plc was shared with a buy rating. After two weeks, the stock hit its first price projection at N380.56 on July 28. Thus, investors who bought at N335 should have gained 13.59% and taken profit.
In line with this performance, liquidity and momentum declined, closing at 69.7 and 60.7, respectively. Despite the decline, the market can support another bullish rally with price projecting at N437.29 (21.44%)
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
Investment Opportunity
On the weekly chart, the index remains within Wave III of the grand cycle. This means the stock has potential for an upward trend. Notable, MACD sustained its bearish divergence signal. Thus, investors should expect another brief rally with the price projected at N437.29. In line with this performance, HBM’s liquidity and momentum are strong to support this price movement.
On the daily chart, the stock is expected to experience a final bullish rally before a strong corrective phase. In line with this performance, liquidity and momentum increased amid the pullback. This performance suggests a renewed interest in HBM.
