The mixed market on the Nigerian Exchange (NGX) at the peak of the earnings reporting and the nation’s general elections season signalled profit taking and selloffs as market players react to numbers released so far by listed companies.
As always, volatility continued pointing to where the market is heading and how we can best take advantage of price action and patterns, thereby profiting from the trend while managing trading risks of post-dividend adjustments in expectation of 2023 first quarter earnings reports.
The seeming resistance level of the market at this phase or ceiling area suggests sellers are taking charge, even as correction is underway.
Technical, traders look at cycles that work in the stock market, by using technical tools like ttimeframes, standard deviation, momentum, sentiment, defensive plays, and volume which work together to create wave-like patterns and result in generating signals to enter, or exit the market.
Let the price actions and chart patterns below guide your trading and investment decision in the weeks ahead:
NGXASI Weekly Chart (Opening chart)
NGX Banking Weekly
GTCO Weekly Chart
ZENITH BANK Weekly
Ecobank Transnational Incorporated
STANBIC IBTC Weekly
STERLING BANK Weekly
JAIZ BANK Weekly
FIDELITY BANK Weekly
WEMA BANK Weekly
NPF MICROFINANCE Weekly