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RECOVERING LOST GROUNDS...Today saw the Bulls taking lost grounds as the NSE ASI gained a huge 245.34 points closing at 22,674.43. Early market scenario saw low participation on the Sell side as there were huge participation on the Buy side as NSE traded high to1.87%. We saw Firstbank up to N11.23, Dangsugar up to N15.05 hitting maximum 5%, and GTB hitting N15.00, Until a Pullback in Firstbank down to N10.62 & GTB down to N14.50 and FCMB down 5% to N5.47 saw a drop in index to 1.09% like dominoes. Looking at the big picture. Volume was significantly higher today showing huge market participation and RSI on a daily time frame moving from 11 points to 25.70 still in an oversold position and approaching a resistance of RSI 30, If this level breaks tomorrow on a high volume then we should start looking at RSI 50 level which will be a strong resistant level for the index. 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
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