Selected Chart Patterns To Watch In May


As we look forward to sector and portfolio rotations on the Nigerian Exchange Limited, in the new month on the strength of positive buying interests and sentiments, the influx of better-than-expected Q1 corporate earnings, and corporate actions dates are likely to continue as the bulls maintain market dominance.
However, the extent of the gains will be greatly lower, because profit takers will expectedly cash out on the gains across bellwether stocks. That notwithstanding, we advice that you use your stop-loss, in case the slogan “sell in May and come back in October” plays out. Ensure you position in strong group stocks and sectors, while playing defensive, targeting only fundamentally sound stocks, especially given that all eyes are on developments in the country’s macroeconomic environment for the impact of the Central Bank of Nigeria’s proposed intervention in the supply chain of energy and fuel cost. We note that these continue to pile pressure on inflation in the face of the rising insecurity that has denied farmers access to their farmlands.
Below are the technical charts and patterns to watch as trading continues for the week:

MTN

UBN

STANBIC IBTC

FIDSON HEALTHCARE

JULIUS BERGER

UPDC

ETI

VITAFOAM

PRESCO

WAPCO

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