ACCESS: Bulls may break the silence mode.

Proshare

 

Thursday, June 18 2015 08.50 AM / Harish Shahi, The Analyst 

A closer look on the daily chart of ACCESS reveals that the stock was earlier making successive higher highs and higher lows and was trading uptrend but in the last couple of weeks it is trading into consolidation phase. The recent phase suggests both bulls and bears have become silent runner.

Two days ago, we saw some activities in the bull’s campaign which indicates that the bulls may break the silence mode. However, it is just a hope as clear picture can be seen once stock trades and settles above N6.50 level.

The way bulls are reacting as it seems that they are approaching the N7 and N7.50 level.

Presently, stock is trading above the crossed EMA lines which is generating bullish signal. Investors and traders are displaying bullish 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?
A piercing pattern along with bullish engulfing candlestick pattern are providing bullish signal so we are expecting that this time bulls will dominate the bears.
 

Both RSI and CCI are generating bullish signal from positive territory. A bullish crossover on MACD indicator is also generating bullish signal.  Intraday bias remains bullish on the stock as long as N5.00 level remains intact. The N7.00 level is key resistance level followed by N8.00 whereas N5.50 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 go for a BUY at N6.50 level and book profit at N7.50 and N8.00; with the stop-loss of N6.00. The tentative time frame for this recommendation is 7-10 days.

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

Related NEWS
Access Bank PLC Attractive at 106 discounts. - 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  

 

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