NGXASI Seeks support Levels On Weekly Chart, Consolidates On The Daily Time Frame
Nigeria’s equity market inched lower at the end of the three-day trading week despite the improving buy sentiments and momentums, driven by dividend payment that supported market liquidity during the period, in the midst of pending 2022 audited full-year results been released with dividend announcements.
As market players digest the recent macroeconomic reports in anticipation of more Q1 numbers and March unaudited accounts and year-end companies on the exchange. The impressive dividend pay-out of Accesscorp and momentum trading in Transcorp, coupled with the low price attractions of many stocks adjusted for dividend recommended by their directors. These had boosted momentum on increasing bargain hunting activities across major sectors of the market,
The NGX index’s action was dragged by selloffs in Airtel to a strong support level of 51,000 point, even as the market rebounded to consolidate on a key demand zone of 51,019.23 to 51,363.81 basis points near the week’s peak. The changing index and price action are signs of a bullish sentiment, as the bulls take some chips off the table. On the opposite side, offers could be expected from those looking to sell high, while an initial break below 51,000bps may have given them an edge, just as 51,000bps is below the T-line but on the 50-day SMA and EMA which are key levels to watch for in the short-term. Also, ts breach may trigger a correction towards the psychological level of 50,000.
NGXASI Weekly Chart (opening chart)
NGX Banking Weekly
NGX Insurance Weekly
NGX Industrial Goods Weekly
NGX Consumer Goods Weekly
NGX Oil/Gas Weekly
Nahco Weekly Chart
Fidelity Bank Weekly
NEM Insurance Weekly
Zenith Bank Weekly