Technical Position of Selected NSE Equities at the End of Trading Last week.
The nation’s stock market closed in negative
territory at the end of last week, despite ending last Friday in the green. The Composite NSE All-Share Index recorded a 1.10
per cent decline to close at 29,834.21 from an opening figure of 30,165.22
basis points, a difference of 331.01 points.
This pushed the year-to-date negative return to 13.92 per cent.
On the big board, the decliners outpaced
advancers by 39 to 29. However the mixed performance recorded in the week
revealed a relative positive and strong market breadth with reducing volume
momentum as traders expect more earnings reports. Below are the technical
position of selected equities at the end of trading last week.
AIICO
Currently the MACD is
bearish since it is trading below its signal line. The MACD crossed below
its signal line 18 period(s) ago. Since
the MACD crossed its moving average, AIICO's price has decreased
4.26%, and has ranged from a high of N1.00 to a low of N0.78. The current
value of the RSI and Stochastic Oscillator are 50.52 and 60.53
Analyst Opinion:
Aiico has recently formed a bullish channel and
there is signal of continued uptrend if earnings beat market expectation.
Traders and investors can keep their gaze on this stock.
DANGOTE SUGAR
On 10/16/2015, DANGSUGAR closed below the upper
band by 45.6%. Bollinger Bands are 45.00% narrower than normal.
The narrow width of the bands suggests low volatility as compared to
DANGSUGAR's normal range. Therefore, the
probability of volatility increasing with a sharp price move has increased for
the near-term. 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 23 white candles and 25 black candles for a net of 2
black candles. Currently the MACD is bullish since it is trading above its
signal line. The MACD crossed above its signal line 7 period(s) ago. Since the MACD crossed its moving average,
DANGSUGAR's price has decreased
9.50%, and has ranged from a high of N8.00 to
a low of N6.00. The current value of the RSI is 49.89
Analyst Opinion:
Dangote Sugar is trading in flat channel, with
price action trying to form a motive wave 2 with zig-zag movement. Traders should
confirm reversal before positioning.
FIDELITY BANK
On 10/16/2015, FIDELITYBK closed above the lower
band by 42.6%. Bollinger Bands are 22.50% 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 5 white candles and 5 black candles. During the past 50 bars, there have been 22
white candles and 27 black candles for a net of 5 black candles. Currently the
MACD is bullish since it is trading above its signal line. The MACD crossed
above its signal line 1 period(s) ago.
Since the MACD crossed its moving average, FIDELITYBK's price has decreased 0.66%, and has ranged from a high of N1.52 to a low of N1.44. The current value
of the RSI and Stochastic Oscillator are 46.04 and 57.14 respectively.
Analyst Opinion:
The stock has formed a descending triangle
pattern that suggests continuation or reversal of price action. Any break out
ushers in an uptrend. New entrance should wait to confirm uptrend.
NB
On 10/16/2015, NB closed below the upper band by
48.2%. Bollinger Bands are 14.39%
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 5 black 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 3
period(s) ago. Since the MACD crossed
its moving average, NB's price has decreased 3.39%, and has ranged from
a high of N149.00 to a low of N130.50. The current value of the RSI and
Stochastic Oscillator are 48.03 and 58.50 respectively.
Analyst Opinion:
Price of NB and the corrective wave 3 indicates
that the price may continue in its southward movement. Traders should wait to
confirm reversal in the stock before jumping into it.
NEM INSURANCE.
On 10/16/2015, NEM closed above the lower band
by 46.8%. Bollinger Bands are 11.30%
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 5 white candles
and 5 black candles. During the past 50
bars, there have been 22 white candles and 27 black candles for a net of 5
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, NEM's price has decreased 1.45%, and has ranged from
a high of N0.72 to a low of N0.64. The current value of the RSI is 49.93
Analyst Opinion:
NEM has formed a symmetrical triangle pattern
which is a powerful signal of uptrend or downtrend. Investors should watch the
market trend and take position.
United Capital
On 10/16/2015, UBCAP closed above the lower band
by 47.8%. Bollinger Bands are 45.21%
narrower than normal. The narrow width
of the bands suggests low volatility as compared to UBCAP'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
5 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 5
white candles and 5 black candles.
During the past 50 bars, there have been 22 white candles and 27 black
candles for a net of 5 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, UBCAP's price has been unchanged, and has
ranged from a high of N1.45 to a low of N1.34. The current value of the RSI and
Stochastic Oscillator are .51.82 and 43.33 respectively
Analyst Opinion:
Traders should wait to confirmed reversal,-'
while investors can increase their stake in United Capital.
SKYE BANK
On 10/16/2015, SKYEBANK closed below the upper
band by 49.3%. Bollinger Bands are 54.84% narrower than normal.
The narrow width of the bands suggests low volatility as compared to
SKYEBANK's normal range. Therefore, the
probability of volatility increasing with a sharp price move has increased for
the near-term. 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 21 white candles and 26 black candles for a net of 5
black candles. Currently the MACD is bullish since it is
trading above its signal line. The MACD crossed above its signal line 6
period(s) ago. Since the MACD crossed
its moving average, SKYEBANK's price has decreased 4.24%, and has
ranged from a high of N2.90 to a low of N2.00. The current value of the RSI is
48.71.
Analyst Opinion:
A break out or down of the symmetrical triangle
pattern is imminent, traders should confirm direction before jumping in while
investors should take position.
DIAMAND BANK
On 10/16/2015, DIAMONDBNK closed above the lower
band by 9.6%. Bollinger Bands are 5.77% 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 6 black candles for a net
of 2 black candles. 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 bearish since it is
trading below its signal line. The MACD crossed below its signal line 11
period(s) ago. Since the MACD crossed
its moving average, DIAMONDBNK's price has decreased 23.42%, and
has ranged from a high of N3.99 to a low of N2.68. The current value of the RSI
and Stochastic Oscillator are 32.39 and 8.26 respectively.
Analyst Opinion:
Reversal is imminent, confirm and take position
as price action form double bottom.
UBA
On 10/16/2015, UBA closed above the lower band
by 48.5%. Bollinger Bands are 63.02%
narrower than normal. The narrow width
of the bands suggests low volatility as compared to UBA'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
3 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 4 black candles. During the past 50
bars, there have been 19 white candles and 25 black candles for a net of 6
black candles. Currently the MACD is bearish since it is
trading below its signal line. The MACD crossed below its signal line 2
period(s) ago. Since the MACD crossed
its moving average, UBA's price has increased 1.67%, and has ranged from a
high of N4.37 to a low of N3.98. The current value of the RSI is
54.04.
Analyst Opinion:
The very short position should be taken by
traders which investors should buy as the bank is increasing its profit margin.
ACCESS BANK
On 10/16/2015, ACCESS closed above the lower
band by 27.1%. Bollinger Bands are 33.59% 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 6 black candles for a net
of 2 black candles. 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 4
period(s) ago. Since the MACD crossed
its moving average, ACCESS's price has decreased 8.88%, and has
ranged from a high of N5.40 to a low of N4.57. The current value of the RSI is
39.11
Analyst Opinion:
Take the very short position for Traders as
reversal is confirmed, while investors with medium and long term goal should
buy now.
ZENITH BANK
On 10/16/2015, ZENITHBANK closed above the lower
band by 49.8%. Bollinger Bands are 12.73% 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 22 white candles and 27 black candles for a net of 5
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, ZENITHBANK's price has decreased 3.31%, and has
ranged from a high of N18.850 to a low of N15.97. The current value of the RSI
is 48.06.
Analyst Opinion:
Take position for the medium and long term as
reversal is confirmed at the end of trading last Friday.
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