Company AnalysisEquities

Chart of the Day: Zenith Bank’s Price In Sudden Search For Direction

(AMBROSE OMORDION) Zenith Bank’s share price received a profit booking on the Nigerian Stock Exchange (NSE) Tuesday after releasing an impressive scorecard for 2016 financial year. It however closed marginally up at the end of the day’s trading. We are sure that many investors and traders are closely following the stock, due to its historical outstanding performance in its sector and the market in general.
Taking a closer look at the short and long term price action in Zenith Bank one can identify possible entry points on the short and long side considering the trendy nature of the stock as it recently formed a symmetrical triangle that supports reversal and continuation of the current trend. Here we see imminent reversal for both investment purpose. In the short term, investment return of 15% is sure if action is taken now. Traders and Investors should fix their gaze on the stock and watch the emerging trend.
The trending ability of the stock on a daily time frame is relatively strong as ADX is above 20. At 20. MACD has remained bullish over the last two trading sessions while RSI is reading 42.30 as at the close trading on Tuesday.

Related Articles

Back to top button