TECHNICAL POSITION OF SELECTED NSE STOCKS AS AT CLOSE OF TRADING LAST WEEK.

                             

The Nigeria equity market moved lower last week, despite its rebound on the close of trading on Friday. This was attributed to market players’ reactions to the list of President Muhammadu Buhari's ministerial nominees, expulsion of the Federal Government bonds again from Barclay Bank's index, due to the seeming lack of a defined direction for the economy and an unstable currency management.

On the big board, the decliners outpaced advancers by 48 to 23 and this reflected the negative performance recorded in four trading sessions of the week, making market breadth negative on the back of a declining volume.

FCMB

On 10/9/2015, FCMB closed above the lower band by 6.8%. Bollinger Bands are 18.48% narrower than normal. The current width of the bands does not suggest anything conclusive about the future volatility or movement of prices. During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles.  During the past 50 bars, there have been 15 white candles and 33 black candles for a net of 18 black candles. Currently the MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 12 period(s) ago.  Since the MACD crossed its moving average, FCMB's price has decreased 26.67%, and has ranged from a high of N3.00 to a low of N2.02. The current value of the RSI and Stochastic Oscillator are 32.26 and 24.64 respectively.

Analyst Opinion:

Reversal is imminent, traders and investors should take position for different investment goals and any break down at this strong support level will make the stock more attractive.

ZENITH BANK

On 10/9/2015, ZENITHBANK closed above the lower band by 30.1%. Bollinger Bands are 28.80% wider than normal.  The current width of the bands does not suggest anything conclusive about the future volatility or movement of prices. During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candle.  During the past 50 bars, there have been 21 white candles and 28 black candles for a net of 7 black candles. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 2 period(s) ago.  Since the MACD crossed its moving average, ZENITHBANK's price has decreased 9.99%, and has ranged from a high of N18.85 to a low of N15.97. The current value of the RSI is 42.69.

Analyst Opinion:

Traders and Investors should jump into this stock as reversal is confirmed, just as there is need to keep your eye on trend for quick decision.

ACCESS BANK

On 10/9/2015, ACCESS closed above the lower band by 47.9%. Bollinger Bands are 28.20% narrower than normal.  The current width of the bands does not suggest anything conclusive about the future volatility or movement of prices. During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candle.  During the past 50 bars, there have been 17 white candles and 32 black candles for a net of 15 black candles.

Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 3 period(s) ago.  Since the MACD crossed its moving average, ACCESS's price has increased 0.39%, and has ranged from a high of N5.40 to a low of N4.81. The current value of the RSI is 45.68. 

Analyst Opinion:

Long term position can be taken by investors at the market price, while traders should wait for pullback before positioning.

FBNH

On 10/9/2015, FBNH closed above the lower band by 28.8 %. Bollinger Bands are 2.13% narrower than normal.  The current width of the bands does not suggest anything conclusive about the future volatility or movement of prices. During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles.  During the past 50 bars, there have been 16 white candles and 34 black candles for a net of 18 black candles. Currently the MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 14 period(s) ago.  Since the MACD crossed its moving average, FBNH's price has decreased 21.15%, and has ranged from a high of N8.00 to a low of N5.22. The current value of the RSI are Stochastic Oscillator are 37.30 and 60 respectively.

Analyst Opinion:

Buy signal confirmed for both traders and investors as market expects its Q3 financials.

UBN

On 10/9/2015, UBN closed above the lower band by 20.9%.Bollinger Bands are 29.52% wider than normal.  The current width of the bands does not suggest anything conclusive about the future volatility or movement of prices.

During the past 10 bars, there have been 1 white candle and 9 black candles for a net of 8 black candles.  During the past 50 bars, there have been 18 white candles and 28 black candles for a net of 10 black candles. Currently the MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 19 period(s) ago.  Since the MACD crossed its moving average, UBN's price has decreased 40.81%, and has ranged from a high of N10.51 to a low of N5.70. The current value of the RSI and Stochastic Oscillator are 27.79 and 28.58.

Analyst Opinion:

Prices may continue to move lower for some time.  Wait for prices to move higher before considering whether to take position.

DANGOTE CEMENT.

On 10/9/2015, DANGCEM closed above the lower band by 24.3%. Bollinger Bands are 51.67% narrower than normal.  The narrow width of the bands suggests low volatility as compared to DANGCEM's normal range.  Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term.  The bands have been in this narrow range for 8 period(s).  The probability of a significant price move increases the longer the bands remain in this narrow range.  During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles.  During the past 50 bars, there have been 17 white candles and 28 black candles for a net of 11 black candles. Currently the MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 5 period(s) ago.  Since the MACD crossed its moving average, DANGCEM's price has increased 1.83%, and has ranged from a high of N179.99 to a low of N155.60. The current value of the RSI is 44.69

Analyst Opinion:

Wait to confirm reversal and enter for all investment purpose.

OKOMU OIL

On 10/9/2015, OKOMUOIL closed below the upper band by 39.8%. Bollinger Bands are 36.27% narrower than normal.  The current width of the bands does not suggest anything conclusive about the future volatility or movement of prices. During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candle.  During the past 50 bars, there have been 20 white candles and 26 black candles for a net of 6 black candles. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 3 period(s) ago.  Since the MACD crossed its moving average, OKOMUOIL's price has decreased 1.00%, and has ranged from a high of N29.60 to a low of N26.49. The current value of the RSI is 53.37.

Analyst Opinion:

Take the very short profit now and re-enter at a pullback.

NB

On 10/9/2015, NB closed below the upper band by 39.1%. Bollinger Bands are 21.01% wider than normal.  The current width of the bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles.  During the past 50 bars, there have been 18 white candles and 32 black candles for a net of 14 black candles. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 2 period(s) ago.  Since the MACD crossed its moving average, NB's price has decreased 0.05%, and has ranged from a high of N149.00 to a low of N135.10. The current value of the RSI and Stochastic Oscillator are 51.38 and 78.79 respectively.

Analyst Opinion:

There is a sell signal on the stock but traders should position at any pullback as market expects its financials any moment from now.

CAP

On 10/9/2015, CAP closed above the lower band by 31.6%. Bollinger Bands are 46.86% narrower than normal.  The narrow width of the bands suggests low volatility as compared to CAP's normal range.  Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term.  The bands have been in this narrow range for 4 period(s).  The probability of a significant price move increases the longer the bands remain in this narrow range.   During the past 10 bars, there have been 2 white candles and 2 black candles.  During the past 50 bars, there have been 12 white candles and 16 black candles for a net of 4 black candles. Currently the MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 10 period(s) ago.  Since the MACD crossed its moving average, CAP's price has increased 0.13% , and has ranged from a high of N43.99 to a low of N36.06. The current value of the RSI is 47.28.

Analyst Opinion:

The very short position can be taken on this stock as fundamental information is expected.

EVAN MEDICAL

On 10/9/2015, EVANSMED closed above the lower band by 28.9%. Bollinger Bands are 30.30% wider than normal.  The current width of the bands does not suggest anything conclusive about the future volatility or movement of prices. During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles.  During the past 50 bars, there have been 10 white candles and 21 black candles for a net of 11 black candles. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 2 period(s) ago.  Since the MACD crossed its moving average, EVANSMED's price has decreased 24.05%, and has ranged from a high of N0.79 to a low of N0.59. The current value of the RSI is 29.37

Analyst Opinion:

The stock is at its oversold region, with retracement imminent and position should be taken inter-mediately there is a reversal up.