On a weekly timeframe, DANGCEM’s TNTL indicator (Trader’s Navigator – a trend forecasting algo) is at a critical point as shown in the above chart(s).
If it breaks over its 20-day m.a (the white line) then the market will rebound bullishly. If it fails to break over it’s 20-day then expect the stock to continue its current bearish trend.
NGSE traders & analysts know that most times, DANGCEM as the biggest stock by value on the NGSE can predict the direction of the NGSEASI (the main market index). Thus, it will be sensible to watch this stock closely in the coming trading days.
Updated (dd. 2/6/2018):
Today, DANGCEM fell to N223 thereby confirming our early fears. The speed of the fall since March-2018 confirms that the topping ‘ending diagonal’ pattern was completed @ N290 thus we should expect in the intermediate-term an initial target fall to N200 and a long-term subsequent fall to N123.
In the short-term, the market may try to rebound and cover the gap till N240 but investors should use this opportunity to get out of DANGCEM at a better level….
This article is culled with permission from TRW Stockbrokers.