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Market was up for the week with the index gaining 0.03% for the week to close at 29,628.84, gain
for the year now 10.38%.
Wave 3 still in play (wave 3 with sub wave at wave 5), but with Brent still shaking, MSCI made
a surprise report of purchases of equities in her portfolio on Friday. For now the bullish move is
moving close resistance level where we need to exercise some caution. The best we may expect
from the market if Brent continues to be below the $60 level will be a ranging market. This is the
reason we cannot lose our guard totally at this moment, we still have to limit ourselves to good
quality stock as per fundamentals (not popular names). Example of good fundamental will be
using our profit forecast sheet to see companies that are likely to experience increased earnings.
Gain for the week just ended was 0.03%, while gain for the year is still positive at 10.38%.
With the 2 main result release (Vitafoam and Unilever), our profit forecast successfully tracked
the actual, in terms of we expected increase in Vitafoam result and decrease/loss in Unilever
result. We are optimistic that a large percentage of the other results to be released will also be in
tandem with our forecasts.
Trend is still bullish, the 1st threat to this bullish trend will be if the NSE All share Index falls
below 28,807.30 for now we can relax until the market gets to this point.
Brent price below $60 benchmark , is not good for the market.
PDF for Fibnodes, telling us likely turning points for buying and profit/stop loss positions,
attached (for subscriber only). See our sample for Nigerian Breweries, MTN and Dangote
Cement below:
MSCI has slowed down earlier in the week, but returned with a stake of about $750,000 on
Friday. Detail of transactions as at 24 Jan 2020 (transactions are published the following day
after) is shown below (for subscribers only):
Our other major report always part of the newsletter is the weekly stage analysis sheet. This
contains the support (likely buying points) and resistance (likely selling points for the week),
Some extract from this week’s report are shown below:
We are still offering the reports/newsletter at a subsidized rate of NGN60,000 per annum,
payable on monthly basis at NGN5,000 per month (as a corporate subscriber you are
allowed to use the material on your website without restriction).
Thanks.
For: Target Technical Analysis