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Abstract:The NGXASI once again experienced a modest gain of 0.33% as it closed at 67,136.58 points, rising from its previous close of 66,915.41. From a technical perspective, the market has been in a consolidation mode for 8 weeks now. Whether it will break out or turn out to be a false indication will be determined by the MACD Histogram on a weekly timeframe, which currently shows a negative reading. Despite this, the support levels from October last year until now remain intact, particularly around the 30-week moving average. It is worth noting that the 30-week moving average often acts as a support level during sustained upward trends.
TRW WEEKLY REPORT FOR OCTOBER 26, 2023
The NGXASI once again experienced a modest gain of 0.33% as it closed at 67,136.58 points, rising from its previous close of 66,915.41. From a technical perspective, the market has been in a consolidation mode for 8 weeks now. Whether it will break out or turn out to be a false indication will be determined by the MACD Histogram on a weekly timeframe, which currently shows a negative reading. Despite this, the support levels from October last year until now remain intact, particularly around the 30-week moving average. It is worth noting that the 30-week moving average often acts as a support level during sustained upward trends.
The observation that the NGXASI hasnt corrected down to the 30WMA abruptly and shot back up implies a steady and gradual movement, rather than a quick bounce.
There is still more potential for a corrective phase or “grinding” to occur before a substantial rally begins. This correction is perceived as a consolidation within the broader bull trend, not a full trend reversal.
Strategy for Investors and Traders: The approach to taking positions depends on the investment horizon. Long-term strategic investors might find this a suitable time to accumulate positions, considering the upward trend and potential for future growth. However, for short-term speculators or technical swing traders, waiting for more definitive signs of a market upturn might be a prudent approach before committing fully to the market.
Overall, the analysis provides a cautious yet optimistic outlook, suggesting that the market is still within a bullish trend but might undergo more consolidation before a significant rally. It advises different strategies for investors based on their investment horizons, recommending patience for traders waiting for clearer signals before taking aggressive positions.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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