eTranzact International Plc is a Nigerian payment-technology company that processes electronic transactions through its switching infrastructure and provides related technology and maintenance services. Its business operates within a sector that can benefit from the continuing expansion of digital payments, electronic collections, POS transactions and financial services.
Current price: N17.60
Rating: Buy
Price projection: N21, N24, and N28
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
Etranzact met strong support with the 0.5 Fibonacci level. This performance suggests an early recovery phase. In line with this performance, the stock’s relative strength improved as MACD’s bullish momentum strengthened. Investors should watch for money flow for improved liquidity to determine the recovery strength.
Daily chart: Trading opportunity
On the daily chart, Etranzact experienced strong bullish momentum, suggesting continued bullish momentum. The stock’s liquidity and relative strength remained solid, aligning with its recovery phase. Investors should watch MACD for improved bullish momentum with N14 and N12 as potential support zones with prices projected at N21, N24, and N28.
