Resurfacing the market arena, the weak bull dragged the lead index north by 46Bpts. Safe NSE-Pension, NSE-Banking and NSE-Oil/Gas Index that shed points other observed market indices treaded the lead indicator’s path as shown in the Index Movement table.
Today’s trading activities produced 17 advancers and 18 lagers. NSEASI YtD return is currently -4.01% while the Market Capitalization YtD return stood at –N408.110 billion.
Technically, the various price actions on all active equities as represented by the performance index formed a bullish engulfing pattern with yesterday’s (Monday 29th August, 2016) price actions. This is a sign of bullishness. For the fact that yesterday’s trade was amputated by technical delay on NSE trading platform, we are of the opinion that waiting for the confirmation of the pattern is an intelligent investment strategy.
A bullish engulfing pattern is a chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses or “engulfs” the previous day’s candlestick. The shadows or tails of the small candlestick are short, which enables the body of the large candlestick to cover the entire candlestick from the previous day.
Please note that we maintain our position that traders should pay more attention to their trades and seriously mind their stops (up (+) or down (-)). We have also noticed heightened cautiousness on the path of the traders, which had systematically weakened the market.
Volume Index for today’s activity is 0.25 while buy volume and sell volume is estimated at 0% and 100% respectively.