GUINNESS: Bulls are on the rocks, just grab it.

Proshare

 

 

Thursday, June 18 2015 09.05 AM / Harish Shahi, The Analyst  

A closer look on the daily chart of GUINNESS reveals that Bulls are making successive higher highs and higher lows and trading into uptrend. Bulls are rocking and breaking each and every stumbling blocks standing as resistance.  

Recently, bulls gave us a valid breakout of N180 level which indicates that bulls are in aggressive mode.  

An uptrend line is also lying on the daily technical chart which is generating a signal. The way bulls are reacting seems that they are approaching the N200 and N210 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?
Two consecutive bullish marabuzo candlesticks are generating purely bullish signal. The way bulls are reacting it seems that they are approaching the N220 level in short term and are dominating the bears at every nooks and corner. Traders are advised to just grab the opportunity.  

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 N150.00 level remains intact. The N200.00 level is key resistance level followed by N220.00 whereas N150.00 can be considered as key support level followed by N140.00 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
GUINNESS erases 8Mths loss records 63.14 growth in market value - 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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4.    WEMA Bank: Bulls and Bears fighting to take the lead

5.    Custodyins: Roller coaster moves are ongoing 

6.    FCMB: Potential rounding bottom pattern is in the process of formation

7.    UBA: Ascending triangle has formed 

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10.  PZ: Bulls are flying towards north side, just buy it

 

 

 

 

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