thesilentone:


It is not bullish in my book BUT then again we use different parameters for conviction.

Readers: This has nothing to do with your fundamental views about the company so don't assume I'm saying sell.

Since July 2021, the on balance volume indicator (OBV) has clearly shown that GTCO is being gradually distributed (sold off).

Near #22 seems to be a major support, I guess if it should break support it's going to go much lower.

thesilentone:
FBNH has already sold almost 4x its average weekly volume in two days this week with 3 more days to go.

It is trading in a range, some might call it a bullish flag but with the inverted hammers printing for a few weeks now, I wouldn't be bullish on this either which explains why I stated that it needs to hold 10.90.

It is below the weekly 30MA, volume is increasing and printed a doji last month. Support is at 9

For FBN, it is clearly above the cloud, thanks to the struggle between the heavyweights vying for controlling stake. And this is bullish.

If FBN is to make a fall, (many times) based on this indicator, it must be attracted towards that flat line on the cloud which in many cases tends to bounce the price upon impact. That line is at a price of N9.05. However if it continues its upward trend, it usually goes very very fast.

thesilentone:
FBNH has already sold almost 4x its average weekly volume in two days this week with 3 more days to go.

It is trading in a range, some might call it a bullish flag but with the inverted hammers printing for a few weeks now, I wouldn't be bullish on this either which explains why I stated that it needs to hold 10.90.

It is below the weekly 30MA, volume is increasing and printed a doji last month. Support is at[b] 9[/b]

Fundamentally speaking I do not see FBNH getting to 9 soon. However, I understand you are talking of technical.
You are doing well!

For Zenith, using the same indicator, this is bullish as it is above the cloud.

RabbiDoracle:


For GTB, and using ichimoku, it is trading below the cloud. Technically one can say this is bearish. However there are other things we look at to know when a turn is about to occur. And that thing is there pointing a turn is imminent. And this is "bullish".

The simple textbook explanation of ichimoku cloud for prices is that when it is under the cloud, it is bearish and when it is above the cloud, it is bullish. If it is inside the cloud, then it is undecided.

Or it could be a classic head and shoulder

thesilentone:
FBNH has already sold almost 4x its average weekly volume in two days this week with 3 more days to go.

It is trading in a range, some might call it a bullish flag but with the inverted hammers printing for a few weeks now, I wouldn't be bullish on this either which explains why I stated that it needs to hold 10.90.

It is below the weekly 30MA, volume is increasing and printed a doji last month. Support is at 9

FBNH is going back to above 11

thesilentone:


Or it could be a classic head and shoulder

I see what you are looking at . Time will tell.

I believe it is a shakeout. To shake the weak hands.

A move to N31 will be positive for GTB because it shows it jumped from - 2 SD (standard deviation) to +1 SD. Once this move occurs, there is no going back down for GTB.

RabbiDoracle:
For Zenith, using the same indicator, this is bullish as it is above the cloud.

Triple top with a look above and fail.

thesilentone:


Triple top with a look above and fail.

What timeframe are you looking at?

I'm on monthly and not seeing any triple top.

Banks are generally bullish.

RabbiDoracle:


What timeframe are you looking at?

I'm on monthly and not seeing any triple top.

Banks are generally bullish.

On the monthly, first touch is Dec 2013.

RabbiDoracle:


I see what you are looking at . Time will tell.

I believe it is a shakeout. To shake the weak hands.

A move to N31 will be positive for GTB because it shows it jumped from - 2 SD (standard deviation) to +1 SD. Once this move occurs, there is no going back down for GTB.

Consider the overhead resistance trendline. GTB will soon have a decision to make because that penant is tightening even on the monthly. It doesn't look like it is breaking out to the upside anytime soon but like you said, time will tell.

thesilentone:


On the monthly, first touch is Dec 2013.

Only saw 2 tops, where is the 3rd one.

Dec 2013
Jan 2018

?

ositadima1:


FBNH is going back to above 11

Anyone can play the bounce if they know what they are doing.

RabbiDoracle:


Only saw 2 tops, where is the 3rd one.

Dec 2013
Jan 2018

?

Jan+Feb 2021
Feb + Mar 2022

thesilentone:


Consider the overhead resistance trendline. GTB will soon have a decision to make because that penant is tightening even on the monthly. It doesn't look like it is breaking out to the upside anytime soon but like you said, time will tell.

If GTB breaks down, it will be a sectorwide event. It will not be limited to GTB only.

Zenith, Fcmb, FBN, Fidelity, Access and UBA are not seeing such event. Hence their moves above the ichimoku cloud or exactly on top of the cloud.

Even NSE banking index is above the cloud and GTB should have a high weighting on this banking index. So it looks like shakeout.

RabbiDoracle:


If GTB breaks down, it will be a sectorwide event. It will not be limited to GTB only.

Zenith, Fcmb, FBN, Fidelity, Access and UBA are not seeing such event. Hence their moves above the ichimoku cloud or exactly on top of the cloud.

Even NSE banking index is above the cloud and GTB should have a high weighting on this banking index. So it looks like shakeout.

Have you considered that there might be new leaders in the sector? We might have gotten used to GTB leading and not considered a shift in the balance of power.

You know as well as I do that a popular stock and a popular business are completely different things.

A gradual sell-off that has lasted more than a year cannot be classified as a shakeout.

thesilentone:


Jan+Feb 2021
Feb + Mar 2022

I don't think that is right.

When counting 3 tops, the 3rd top must be higher than the 2nd top and this 2nd must be higher than the first in an ascending order.

Mind you, it is not just counting tops that matters. You could see like 7 tops without a major crash and the price continues to grind higher over time.

Example is Exxon Mobil $XOM with around 8 tops from October 1997 to May 2005.

RabbiDoracle:


I don't think that is right.

When counting 3 tops, the 3rd top must be higher than the 2nd top and this 2nd must be higher than the first in an ascending order.

Mind you, it is not just counting tops that matters. You could see like 7 tops without a major crash and the price continues to grind higher over time.

Example is Exxon Mobil $XOM with around 8 tops from October 1997 to May 2005.

Equal tops

thesilentone:


Equal tops

Make u na continue o....
I am enjoying it.

Well done

thesilentone:


Equal tops

Equal tops on longer TFs (monthly, quarterly or yearly) . But try and discount them on shorter TFs, they will be noisy and cause you to sell.

Laso09:


Make u na continue o....
I am enjoying it.

Well done

I have actually enjoyed the discourse with oga @Rabbidoracle. I haven't been on here for a long time so it is quite refreshing to have a bit of technical perspective on the outlook of the market.

We can now handover to madam @Mcy to continue the fundamental bits.

What are the prospect on mtn shares? It dropped lately from 270 to 230, any hope for bounce back?

WantsandMore:
What are the prospect on mtn shares? It dropped lately from 270 to 230, any hope for bounce back?

So you can drive your car without going to mechanic to change oil abi?

WantsandMore:
What are the prospect on mtn shares? It dropped lately from 270 to 230, any hope for bounce back?

From a technical point of view, there's nothing to do here. It looks like a healthy pullback.

RabbiDoracle:


If GTB breaks down, it will be a sectorwide event. It will not be limited to GTB only.

Zenith, Fcmb, FBN, Fidelity, Access and UBA are not seeing such event. Hence their moves above the ichimoku cloud or exactly on top of the cloud.

Even NSE banking index is above the cloud and GTB should have a high weighting on this banking index. So it looks like shakeout.

I am bored so let me ramble a bit of TA

One key factor that sustained GTB at a premium price was the faith of the institutional investors (awon geng WANAJ0)
Once the bank changed from a purely commercial bank to a holdco, the body language of the institutional investors was negative
I mentioned here that investors were selling down on their GTB and moving to Zenith which still retained the pure bank status.
It was a matter of time, Zenith will overtake. Expect Zenith to move away from GTB

As per TA, the bank is swimming below the Ichimoku clouds on ALL time frames Lol
One only gets that picture in a market crash. I expect GTB to still go lower (just my got)
It has majorly 'decoupled' from the ASI index which is bullish
So before hoping on GTB, think medium to long term or dividend
Enough rant, back to APC convention

Agbalowomeri:


I am bored so let me ramble a bit of TA

One key factor that sustained GTB at a premium price was the faith of the institutional investors (awon geng WANAJ0)
Once the bank changed from a purely commercial bank to a holdco, the body language of the institutional investors was negative
I mentioned here that investors were selling down on their GTB and moving to Zenith which still retained the pure bank status.
It was a matter of time, Zenith will overtake. Expect Zenith to move away from GTB

As per TA, the bank is swimming below the Ichimoku clouds on ALL time frames Lol
One only gets that picture in a market crash. I expect GTB to still go lower (just my got)
It has majorly 'decoupled' from the ASI index which is bullish
So before hoping on GTB, think medium to long term or dividend
Enough rant, back to APC convention

Bros, you have added context to the TA. I didn't know the reason for the gradual sell-off - you have provided that. Thank you. This also supports the notion that there are new leaders in the market. Our role as traders/investors is to find them and hop on the train.

Agbalowomeri:


I am bored so let me ramble a bit of TA

One key factor that sustained GTB at a premium price was the faith of the institutional investors (awon geng WANAJ0)
Once the bank changed from a purely commercial bank to a holdco, the body language of the institutional investors was negative
I mentioned here that investors were selling down on their GTB and moving to Zenith which still retained the pure bank status.
It was a matter of time, Zenith will overtake. Expect Zenith to move away from GTB

As per TA, the bank is swimming below the Ichimoku clouds on ALL time frames Lol
One only gets that picture in a market crash. I expect GTB to still go lower (just my got)
It has majorly 'decoupled' from the ASI index which is bullish
So before hoping on GTB, think medium to long term or dividend
Enough rant, back to APC convention

GTB is efficient and that has not changed.

Yes, it is below the cloud but there are things to look out for. I'm not a trend follower. I'm an inflection point finder. The money is made here if gotten correctly or lost here if missed.

Once GTB breaks below 21.50 and closes the month at or below this level, the next level will be a slide to N19.80. However it needs to rise to break N31 to have a sustained upward trend.

For 2 months now, it has touched the 21+ line (at 21.45 and 21.65). This is a message.

If there is a reversal, the reversal is usually violent to the upside.

RabbiDoracle:


GTB is efficient and that has not changed.

Yes, it is below the cloud but there are things to look out for. I'm not a trend follower. I'm an inflection point finder. The money is made here if gotten correctly or lost here if missed.

Once GTB breaks below 21.50 and closes the month at or below this level, the next level will be a slide to N19.80. However it needs to rise to break N31 to have a sustained upward trend.

For 2 months now, it has touched the 21+ line (at 21.45 and 21.65). This is a message.

If there is a reversal, the reversal is usually violent to the upside.

Fundamentally GTB has been loosing it for some time now.......I think they are the only one among the first tier banks that reported a reduction in profit for the last financial year.

pluto09:



Fundamentally GTB has been loosing it for some time now.......I think they are the only one among the first tier banks that reported a reduction in profit for the last financial year.

Their profit after tax has been reducing for the last few years.

thesilentone:
FBNH has already sold almost 4x its average weekly volume in two days this week with 3 more days to go.

It is trading in a range, some might call it a bullish flag but with the inverted hammers printing for a few weeks now, I wouldn't be bullish on this either which explains why I stated that it needs to hold 10.90.

It is below the weekly 30MA, volume is increasing and printed a doji last month. Support is at 9

Otedola is dumping

Uchetoba:
Otedola is dumping

any reason for this?

Interesting development. Any reason why?