Nigerian Aviation Handling Company Plc (NAHCo) is Nigeria’s largest publicly listed aviation ground handling company and one of the leading providers of aviation support services in West Africa. Established in 1979, the company provides end-to-end ground handling services for domestic and international airlines across Nigeria’s major airports.
Current price: N143
Rating: Buy
Price projection: N273 and N400
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, NAHCo is within Wave II of the grand cycle. This means investors should expect a strong corrective market. Currently, the stock attempts to complete its corrective first wave. After this wave, NAHCO should experience a brief bullish momentum.
The trading volume for NAHCo is low, leading to strong profit-taking and weak market momentum. These conditions should prepare investors to buy into value amid the corrective phase.
Daily chart: Investment opportunity
On the daily chart, the stock’s liquidity and momentum are extremely low amid strong bearish volume. This performance offers investment opportunities. Plotting the Fibonacci tool, investors should expect strong support at N120 and N130 with price projections at N273 and N400.
SWOT Analysis
