Chart Patterns & Market Reactions To Watch On NGSE
Winning opportunities on the Nigerian equity market have not stopped, notwithstanding that the market is still trading in the overbought region with more stocks making new 52-week highs, a situation that calls for cautious trading and investing with good entry and exit strategies at all times.
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Also, the market has so far witnessed one of the biggest reactions ever seen, helped by positive factors that are sustaining the rally. These range from the low interest rates regime, positive sentiments, high liquidity, the better-than-expected corporate earnings being released, outcome of the US election, discovery of a coronavirus vaccine, to the seeming rebound of oil price in the international market.
NSEASI WEEKLY CHART
So far, five Moving Averages of the NSE: 7, 14, 20, 50 and 100-day are set to cross each other, a situation that reveals strong bull-run with positive strength, trending to breakout another major resistance level of 32,958.96 basis points which was the peak level before the 2019 general election in Nigeria. A breakout of this will add more momentum to the market recovery and rally.
Below are the technical positions of the listed stocks:
The NSE’s index action and indicators are looking up in the same direction on a very high traded volume and positive buying sentiments.
Again, the current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the rest of the year.
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