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Monday, September 16, 2019
/11:05AM / Afrinvest Research
Market Last Week (Our Observation)
Market This Week (Our Expectations)
Weekly Stock Watch for Technical Traders
Market Analysis... NSE ASI Reverses
Bearish Performance
The NSE All Share Index gained last week as it rose 2.3% to
print at 27,779.00 points. As has been the case recently, the Negative
Directional Movement Index (-DMI) still outstrips the Positive Directional
Movement Index (+DMI) and continues to display a super strong ADX (Average
Directional Movement Index), indicating the NSEASI's reluctance to rise to
glory. In the coming week, we expect the index to continue to wander within the
negative territory. But why are we pessimistic? All indicators strongly suggest
there are no possible triggers to herald a rebound in the near term.
Our BUY Recommendation
A week ago, out of our 5 picks, 1 closed in the green - NIGERIAN
BREWERIES (+1.0%). Based on last week's observations, WEMABANK (ADX:
28.17; MFI: 14.00; %B: 52.42), CUTIX (ADX: 26.76; MFI: 15.85;
%B: 21.36), NIGERIAN BREWERIES (ADX: 32.55; MFI: 31.51; %B:
63.34), OANDO (ADX: 26.34; MFI: 41.17; %B: 17.04) and DANGCEM
(ADX: 31.90; MFI: 62.60; %B: 29.21), and have strong prospects for fortune in
the near term. These stocks currently hover around the oversold region with
respective +DMIs bullying -DMIs with >25 ADX value, signifying a strong
trend. Of these, our hot pick is WEMABANK as it is set to create
room for profit - a strong uptrend from the oversold region. Attention!
Attention! Attention! The Nigerian market is currently not for the timorous.
Our SELL Recommendation
Previous week's observations also suggest that SEPLAT (ADX:
34.54; MFI: 95.19; %B: 0), PZ (ADX: 53.58; MFI: 80.93; %B:
61.18), UCAP (ADX: 38.56; MFI: 73.41; %B: 38.50) and STERLNBANK (ADX:
32.64; MFI: 73.09; %B: 49.11) top our wish list for investors yearning lean
pockets. As it stands, these stocks are tremendously heading for the deep with -DMIs outstripping +DMIs and stronger ADX values too (well above 25). Closest
to the overbought region and with a strong ADX, SEPLAT emerges
top potential loser.
NB: Rate on N100M and above are negotiable and all
rates are valid ONLY for fund received on/before 16th September 2019.
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