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NEW BREAKOUTDay two rally saw the BULLS gaining lost grounds up by 223.69 points closing the day at 24,430.20. Today's trades witnessed increase in value ((N2.508bn),volume and deals done. Technically, Market made a new breakout from its September resistance level today and approaching its 200 Days Moving Average of 24,552 points, a critical resistant level to watch. Why? Today's trade saw a drop from yesterdays rally by 210.40 points, as signs of weakness/profit taking are beginning to show in some stocks. For now, the market continue to be resilient as and the market continue to muster energy for a break towards the 200 DMA resistance level, which will have to be a strong one. That was the band within which the NSE ASI was caught between August ending and early September before plunging down to 22,405 points. 200 days simple moving average has a long history of being a strong resistance/support level for both the market and individual stocks. In fact, the 200DMA has provided support for the NSE ASI from: PLEASE CLICK TO DOWNLOAD
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This commentary is not
a recommendation to buy or sell, but rather a guideline to
interpreting the specified indicators. This information should only
be used by investors who are aware of the risk inherent in
securities trading. TRW accepts no liability whatsoever for any loss arising from any use of this expert or its contents. |
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