UBA Headquarters building
United Bank for Africa Plc is one of Africa’s largest and most geographically diversified financial institutions on the continent, second only to Ecobank Transnational Incorporated (ETI), which operates across at least 33 African countries. Established in 1949 and headquartered in Lagos, Nigeria, UBA Group has evolved into “Africa’s Global Bank,” operating in 20 African countries with international operations in the United Kingdom, United States, France, and the UAE (Dubai). It serves more than 45 million customers through over 1,000 business offices, digital banking platforms, ATMs, POS terminals, and agency banking networks.
Current price: N47
Rating: Buy
Price projection: N62 and N78
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
On the weekly chart, UBA completed its corrective phase and started a strong recovery phase. The price projections for this stock include N62 and N78
Daily chart: Investment opportunity
On the daily chart, UBA is in a brief corrective phase. Thus, investors can find investment opportunities during pullbacks. Also, if the correction extends, investors should watch N45 and N46 as potential strong support levels
Indicator analysis
Weekly chart: Market overview
On the weekly chart, the indicators signal a strong bullish market. The stock’s liquidity and momentum remain solid with consistent bullish volume. Also, MACD commenced its bullish signal, aligning with the current market sentiment
Daily chart: Investment opportunity
On the daily chart, volume, liquidity, and momentum remained strong. This performance aligns with the potential bullish rally as UBA attempts full market recovery
SWOT Analysis
