Long time no see! I pretty much abandoned my blog. This is my first post this year, I think. I’ve been real busy. Trading, perfecting my edge, learning other markets, networking with millionaire traders all over the world. When I am done with this year of consolidating, I will document the entire process on this blog!
Anyways, I’ve been looking at the Nigerian All Share Index (NSE ASI) for a while. Right after the peaceful declaration of election results, the all share index jumped in one day from about 29,000 to 34,000. Even our exchange rate briefly dipped below the 220 levels to about 205 (parallel market) as foreign funds flowed in to buy Nigerian stocks at very cheap prices. This to me is the first wave (AB) in the uptrend. However, there are no real fundamentals supporting a rally right now but the market seems to welcome any form of good news.
So, today Mohammadu Buhari is sworn in as President of Nigeria and I expect the market to rally sharply next week and gradually in Q3 2015 as a result of restored foreign investor confidence.
From the picture above, the NSEASI is ranging within the 20 day Bollinger and an upward breakout should pull some stocks up with it.
I have a few stocks on my radar. Any stock which has its RSI below 2, meaning extremely oversold should rally.
PS: If you need comprehensive trader training, FX, Binary Options, US Equity indices, Nigerian stocks or you just want professional account management (algorithmic and manual), leave your contacts in the comment section.
Yours in the quest for financial independence, success & significance.
Olufukeji Adegbeye CWM.