I have attached a First bank Chart, to illustrate some basic concepts,the chart is a 8 months chart and from that chart we can see that in the last 5 months we have being in an uptrend, as described by the Andrew median line or the channel.

We should not forget that when we have uptrends like this we also have mini- pullbacks, waiting for these will help us to time our entry and make us take trades with high probability of success.

Also note that each securities has its own cycle, understanding this will also be an added advantage.

How to trade:

Going forward i will be willing to buy half of my position at 15 naira and load the other half at the lower end of the trend-line which is the open of the year depending on market condition.

A break above the upper trend-line which i envisage will happen will signal another set of upward movement.

Below are the monthly levels i was looking at for February:

R3 18.94
R2 17.57
R1 16.36
Pivot 14.99
S1 13.78
S2 12.41
S3 11.2

Market is currently trading around the monthly Pivot, one of the reasons am buying. I will update as deem fit.

Thank you.