IKEJAHOTEL: A valid breakout of Moving Average is about to form

Proshare

Wednesday, June 17 2015 02.30 AM / Harish Shahi, The Analyst 

A closer look at the daily chart of IKEJA HOTEL reveals that a group of candles are forming, and the swings and swings are making successively higher highs and higher lows. The flow is underway but presently the stock is trading below the moving average lines. However, yesterday we have seen panic bullish sentiments and it arrived at N4 level where the 50 Day moving Average is also lying. 

The N4 level is treating as key resistance for the time being; a valid breakout of this level will open the way towards the N5 and N5.50 level. Presently, the stock is trading between the crossed EMA lines but we are receiving many trend reversal candlesticks, which is a good sign for the bulls. Investors and traders are displaying bullish tendency towards the stock for the time being. Although, this is an early call, we hope to get further bullish confirmation above N4.00 level.



 

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



What Next?
Two consecutive morning star candlesticks along with bullish marabuzo candlestick are generating bullish signal. RSI and CCI both 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 N3.50 level remains intact. The N5.00 level is key resistance level followed by N5.50 whereas N3.00 can be considered as key support level followed by N2.50 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can go for BUY at N4.00 level and book profit at N5.00 and N5.40; with the stop-loss of N3.50.  The tentative time frame for this recommendation is 4-7 days.

Related NEWS
IKEJAHOTEL Investors dump stock further after 30 loss in 6wks

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. VITAFOAM: Golden retracement; a steep bounce likely to occur
  2. WEMA Bank: Bulls and Bears fighting to take the lead
  3. Custodyins: Roller coaster moves are ongoing 
  4. FCMB: Potential rounding bottom pattern is in the process of formation
  5. UBA: Ascending triangle has formed 
  6. PRESCO: Bulls passed all the acid tests.   
  7. FO: Stock has been bottomed out with double bottom pattern  
  8. PZ: Bulls are flying towards north side, just buy it
  9. OKOMUOIL: Bulls are in free mind, buy it and enjoy the rally
  10. NASCON: No more bearish sentiments now, just buy it
READ MORE:
Related News
SCROLL TO TOP