ACCESS: Bears are controlling the game in their own way

Proshare

Monday, July 6 2015 08.40 AM / Harish Shahi, The Analyst 

A closer look on the daily chart of ACCESS reveals that earlier bulls were making successively higher highs and higher lows and then we have seen sudden change in the pace of bulls and whole sentiments have been converted from bullish to bearish as an uptrend line has been breached out. Bears started to stay below the moving averages and getting the bearish momentum.

In the starting bears were attacking but in slow motion but after crossing down the N6 level they have become very aggressive and heading towards south side. They way bears are reacting it seems that they are approaching the N4.50.

As per trading prospective we can analyze that this is not a time to buy the stock as bears are controlling the car and they may slow down once it test the support level of N4.50 level.

Short term to intermediate trend is up and stock is trading below all major and minor EMA lines so we are keeping our view bearish on the stock. Investors and traders are displaying bearish tendency towards the stock for the time being. 



To View Technical and Interactive Chart with Indicators like MACD, RSI, Stochastic, Moving Average, Bollinger, Williams %R, MFI ... Click HERE



What Next?
Three black crow price patterns along with dark cloud candlestick is generating totally bearish signal. Both RSI and CCI are providing further bearish signal from the negative territory.  Intraday bias remains bearish on the stock as long as N6 level remains intact. The N6.00 level is key resistance level followed by N7.00 whereas N5.00 can be considered as key support level followed by N4.50 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can wait for further decline and once it test the key support level of N4.50 level then, they can initiate their buy position for the target of N5.5 and N6.5 level with stop loss of N3.00 level.  The tentative time frame would be 14-18 days.

NB: Return on Investment based on trade idea above does not take cognizance of brokerage commission charges

Related NEWS

 

ACCESS sustains 7days Free Fall pattern breaks 4Mths support - Proshare 


To View Technical and Interactive Chart with Indicators like MACD, RSI, Stochastic, Moving Average, Bollinger, Williams %R, MFI ... Click HERE

For further details, kindly contact analyst@proshareng.com

 


Last 10 Technical Analyst Reviews You Might Like: 

1.    AFRIPRUD: Balanced demand and supply is going on

2.    FO: Stock has bottomed out; double bottom pattern forms

3.    OANDO: Falling down due to bearish pressure

4.    STERLNBANK: Bulls made the counter-attack on the bears.

5.    NAHCO: Bears are driving the car

6.    VONO: Has the stock bottomed out?

7.    SKYEBANK: A cold war between bulls and bears

8.    STANBIC: Bulls are lost somewhere while the bears are dominating

9.    NPFMCRFBK: Stock Arrives at Golden Retracement level

10. NESTLE: Bulls may be the whistle blower

READ MORE:
Related News
SCROLL TO TOP