As the earnings reporting season kicked off on the Nigerian Exchange with impressive corporate earnings emanating from the financial institutions and mixed numbers from others sectors that had released their half-year scorecards. In expectation of more earnings reports in the face of the changing economic fundamentals and concerns.
Market players should change their trading and investing strategies in line with realities of the day and policy directions of the government, by replacing uncertainty with confidence to analyse the general market trend to determine whether to go short or established a long position. Watchout for price actions or candlestick signals that may produce the strongest trade setups to jump in or exit trade. Just as also identifying strong pattern breakout to buy or take profit. Knowing a strong resistance and support levels that everybody else is watching will help you to stay ahead of the market or trade by infusing the T-line where you may enhance reversal and trend continuation possibility by looking at the charts. So, let the charts and price actions below guide your decision:
NGXASI Weekly Chart (Opening chart)
FCMB Weekly Chart