BULLISH RALLY CONTINUES

The market continued its bullish rally with regular profit booking at resistant levels and consistent buying at higher levels. The NSE ASI closed a NEW HIGH at24,673.55 up by 155.67 points with total deals valued at N4,534bn.

The bulls have now taken a good grip on the market with bears no longer in sight.

Today was a great day for stocks with many of the stocks shooting up to 5%, especially some of the small and mid caps.

When it comes to sectors, I would pay special attention to the BANKING & INSURANCE SECTORS. You’d have noticed how they are amongst Top 5 traded stocks and steadily climbing the charts.

Technically,Current market indices are in an OVER_BOUGHT region. I don't think the bear market is coming back despite some poor earnings coming from the banking sector. But there will ba definitely be a significant pullback  in order to digest all that overbought condition before the market can move on higher.

The charts reveal that most of the major indexes are trading NEW HIGHS but oscillators are trending a LOW HIGH, We expect to see mild corrections with such trends in the market.

For now some stocks are trending within or at their Resistant level. These levels need to be watched either as REVERSALS or BREAKOUTS.

Study our TRW market SUPPORT & RESISTANT Table for good Entry/Exit signals.

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