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PULLBACK BEGINSThe market pulled back as the Bulls ran out of steam at last. The NSE ASI was down by 68.18 points closing of a high value of N5.578bn with market CAP nowN6,177trillion Today's Pullback was as a result of traders taking profit off the table. One negative day doesn't say much but such a significant negative day occurring at such a peak within a resistance of 25,200 level does make it a lot more dangerous than "just a negative day". The pullback that I am talking about here isn't the kind of long drawn kind of pullback but rather a quick short term pullback to digest the short term overbought condition in order for the market to continue higher in a healthy manner. I am not predicting a market top here. This recovery market has a lot more to go before it hits the next top. 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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