NEW HIGHS?

Market Turnover was highest today trading N13.110bn as the NSE ASI gained 41.07 points to close at a new high of 28,029.80.

The Table below shows the Banking Sector continue to dominate market Top Trades (All losing today) with Firstbank shares trading more than 50% of market share valued at N7billion plus. GTBANK traded 87million units and will be Marked down for a bonus of 1:4 and 75 Kobo Dividend tomorrow.

As I said last week, though Market continue to make NEW HIGHS. Just about 10% are making such High while 90% continue to trend back from a 50%-61.80%Fibonacci level while others are reversing within its Top Levels.

So far the Index is coming up against a significant psychological resistance level of 28,000 points. I would expect some volatility around this area before the market makes further highs.

As a Day trader, I'll rather stay SHORT, trade within my current Support/Resistant levels and wait for a significant BREAKOUT before going LONG.

Medium/Long term indicators are Making New Highs and prices have not (This is a Bullish Divergence).

USE OUR TRW PIVOT SUPPORT/RESISTANT LEVELS TABLE FOR GOOD ENTRY/EXIT SIGNALS

MARKET INFO:

MARKET RESULTS 19TH APRIL2010

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