C & I Leasing Plc is a Nigerian leasing and business-services company with exposure to fleet management, personnel outsourcing, marine services and telematics. Incorporated in 1990, it began operations in 1991 and has been listed on the Nigerian Exchange since 1997. Its business model connects corporate customers with vehicles, marine assets, workforce services and technology-enabled asset monitoring
Current price: N5.25
Rating: Buy
Price projections: N7, N9, and N11
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
CILEASING retraced to the 1.0 Fibonacci level and commenced its recovery phase. In line with this performance, the stock’s liquidity and momentum improved. MACD also initiated its bullish signal. Traders should therefore watch for strong support levels as the stock pulls back.
Daily chart: Trading opportunity
On the daily chart, CILEASING closed within the 1.0 Fibonacci level. This performance suggests that the stock still has potential for upward momentum. Thus, traders should watch N4 and N5 as potential support levels with N7, N9, and N11.
