The stock market had a mixed session on Thursday & Friday closing marginally in what Technicals call a DOJI.
The Doji is one of the most revealing signals in Candlestick trading. It clearly indicates that the bulls and the bears are at an equilibrium, a state of indecision. The Doji appearing at the end of an extended trend has significant implications. The trend may be ending.
Let’s take a look at some of them, and see what we may be able to expect in the coming days, depending on the market, of course.
ACCESS BANK
Market being Evaluated = ACCESS Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 4.70
Market Volatility :………………………………………… 99.68%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 5.27
Lower Target :………………………………………….. 4.18
Probability of Finishing Above Upper Target :…. 15.87 %
or Below the Lower Target. ( If one Target Selected )
Probability of Finishing Below Upper Target :….. 84.13 %
or Above the Lower Target. ( If one Target Selected )
Access Bank is within a Daily time frame support level of N4.70. Note that multiple bottoms exist at the N4.70 since 27th September 2011. Though the weekly/monthly support levels shows N4.70 as new resistant levels.
If it gets below that range,N4.30-N4.18 is imminent. while a rebound above the support has an upper target of N5.27 as the stock is within a Double Bottom chart pattern formation (Which are very bullish Candle sticks).

BAGCO
Market being Evaluated = BAGCO Date: 27/09/2011
Asset Price : (Closing Price ) ………………………… 1.67
Market Volatility :………………………………………… 51.88%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 1.96
Lower Target :………………………………………….. 1.63
Bagco current analysis shows a Chart Pattern of Head & Shoulder formation” with N1.77 acting as a Neckline.
We have 2 market scenario here:
- Complete the Head & shoulder pattern to close within N1.96- N2.00 September/October resistant lines
- Pullback to N1.63 support levels.

CCNN
Market being Evaluated = CCNN Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 4.79
Market Volatility :………………………………………… 46.69%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 5.06
Lower Target :………………………………………….. 4.54
The chart below shows a Monthly trend analysis of CCNN trending within 2006 and 2008 Support levels, 2011 shows a 100% retracement within N4.37. Good entry points here.

DANGOTE FLOUR
Market being Evaluated = DANGFLOUR Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 5.10
Market Volatility :………………………………………… 51.33%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 5.42
Lower Target :………………………………………….. 4.80
Dangflour seems to have found Good support levels at N5.00 since November performing same in December.
A good stock to have in your portfolio. Worst case scenario is Nov 2009 lows of N4.38.

DANGOTE SUGAR
Market being Evaluated = DANGSUGAR Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 4.40
Market Volatility :………………………………………… 54.10%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 4.69
Lower Target :………………………………………….. 4.13
Dangote Sugar is within 17th of November Support levels of N4.30 forming a ” Bullish Inverted hammer candle stick “.
Bullish Inverted Hammer Pattern is a candlestick characterized by a long upper shadow and a small real body preceded by a long black real body.
Explanation:
Bullish Inverted Hammer Pattern occurs in a bearish background. In a day of inverted hammer, market opens at or near its low. Then prices change direction and we see a rally. However the bulls cannot succeed to sustain the rally during the rest of the day and prices finally close either at or near the low of the day. It may not be clear why this type of price action is interpreted as a potential reversal signal. The answer has to do with what happens over the next day. If the next day opens above the real body of the inverted hammer, it means that those who shorted at the opening or closing of the inverted hammer day are losing money. The longer the market holds above the inverted hammer’s real body, the more likely these shorts will attempt to cover their positions. This may ignite a rally as a result of covered short positions, which may then inspire the bottom pickers to take long positions.
Recognition Criteria:
1. Market is currently characterized by downtrend.
2. The first day of the pattern is a black candlestick formed at the lower end of the trading range.
3. The second day of the pattern is a small real body and is formed at the lower end of the trading range.
4. The color of the second real body is not important, however the color of the body is black in the first day.
5. No gap down is required, as long as the pattern is seen after a downtrend.
6. Upper shadow of the second small body should be at least twice as long as the real body.
7. The second body does not have lower shadow or it has only a very little lower shadow.
Important Factors:
Bullish verification on the day following the inverted hammer is required. This verification can be in the form of the next day opening above the inverted hammer’s real body. The larger the gap the stronger the confirmation will be. A white candlestick with higher prices can also be another form of confirmation.

DIAMONDBANK
Market being Evaluated = DIAMONDBNK Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 2.90
Market Volatility :………………………………………… 98.87%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 3.26
Lower Target :………………………………………….. 2.58
Diamondbank from a weekly time frame has been trending within a Downward slopping channel since June.
Now finding support for now around a 200% of N2.90 Fibonacci levels forming a Doji Candlestick.
Still has room of breaking this level down to N2.58 points.

FCMB
Market being Evaluated = FCMB Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 3.78
Market Volatility :………………………………………… 49.80%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 4.01
Lower Target :………………………………………….. 3.57
FCMB broke its one week November ending support line of N4.20 with a 3 day bearish trend closing at N3.78 within September support levels of N3.70
A good entry at N3.70 but has room to hit N3.57 200% Fib levels.

FIDELITY BANK
Asset Price : (Closing Price ) ………………………… 1.30
Market Volatility :………………………………………… 49.52%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 1.38
Lower Target :………………………………………….. 1.23
Fidelity’s weekly charts has been trending Lower Lows since 15th December 2010 till date. Now trending within a support level we expect good entry points at these level.
We need to establish good rebound above these points or more downward trend to N1.23 points.

FIRST BANK DAILY
Market being Evaluated = FIRSTBANK Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 9.01
Market Volatility :………………………………………… 25.38%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 9.28
Lower Target :………………………………………….. 8.79
Firstbank daily time frame is approaching October Lows of N8.79, but we did see the heavy buying pressure at N9.01 forming a Bullish Candlestick signs of a rebound.

FIRST BANK WEEKLY
The weekly charts shows a support of N8.38 points

FIRST BANK MONTHLY
Shows a Downward slopping channel since 2009 recording Lower Highs and Lows. More room for spiking October Lows of N8.38

GT ASSURE
Market being Evaluated = GTASSURE Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 1.50
Market Volatility :………………………………………… 50.71%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 1.59
Lower Target :………………………………………….. 1.41
Displaying same pattern formation as BAGCO, The Inverted Head & Shoulder pattern (Bullish)
Though finding strong resistance of Highs of N153, A breakout above these level will complete the Right Shoulder pattern price target around N1.90.

IBTC
Market being Evaluated = IBTC Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 7.54
Market Volatility :………………………………………… 47.09%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 7.97
Lower Target :………………………………………….. 7.01
Ibtc broke an Up ward slopping channel formation on the 4th of November 2011 after recording Higher Lows from 2009 with strong Weekly resistant at N11.56 and Daily resistant of N9.93.
I see good entry points around N7.01 support levels recorded since 2009 and 2010.

SKYEBANK
Market being Evaluated = SKYEBANK Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 4.36
Market Volatility :………………………………………… 44.08%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 4.59
Lower Target :………………………………………….. 4.00
Watch out for entry points at N4.00 mid 2009 support levels

ZENITHBANK
Market being Evaluated = ZENITHBANK Date: 02/12/2011
Asset Price : (Closing Price ) ………………………… 11.45
Market Volatility :………………………………………… 23.24%
Number of Days :………………………………………. 5
Upper Target :………………………………………….. 11.77
Lower Target :………………………………………….. 11.30
Zenith is within a buying range of its support levels of N11.30

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