APPROACHING 15 DAY MOVING AVERAGE.

The Bears continued to claim more grounds as the NSE ASI lost 215.55 points to close at 25,418.84.

All INDEXES continued to drop amidst  negative NEWS surrounding the Stock Market, as total Value traded today was LOW (N1.932bn).

This means that investors are concerned about this pullback disintegrating into another significant leg down. I don't think the bear market's coming back as the fundamentals are now different, So what are the possibilities on the technical front?

I am looking out first for where the current Index will find support

• Within its 15 DMA of 24,285.20.

• Within a bottom line of its Upward Slopping channel 0f 25,200 level.

• RSI still within a Bullish zone of 50.89.

• MACD still above its ZERO line

Note: Index Price reversed on a Double Top Pattern  in July, while RSI made a New High before this current great Fall.

The BULLISH Divergence formed in July on  the RSI  still remains optimistic with an extremely strong short term Bullish rally.

Some Heavy weights are beginning to show recovery signs (Firstbank,UBA, GTB,NBL) within a 50%/100% Fibonacci level.

I suggest you start looking for Good Entry points within these current levels.

CLICK....