ositadima1:
The bigger question for FIRSTHOLDCO is: Who is buying, and why?
Let's look at the data:
It traded ₦80 billion last Thursday, ₦1.3 billion on Friday, ₦22.33 billion on Tuesday, ₦6.19 billion on Wednesday, and ₦3.38 billion on Thursday.
We can see that over the last three trading days, it has consistently closed at the day's high while traded value has been declining. The evidence appears to suggest that sellers are being absorbed.
Based on the above, two questions arise:
Have the aggressive buyers exhausted their buying power?
Will sellers eventually come out en masse and overwhelm the buyers?
Your analysis is based on normal market activity (Organic Trading), but what we have witnessed over the last few days does not appear to be normal.
NB: Not a buy signal. 80b in one day can't be normal on NGX |
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