GTBank stock has tested N15-17 three times before rebounding – The first was in 2012, second was in 2016 and the third is 2020.
The banking stock appreciated from N17 to N21, that’s 23.5% profit reward for smart investors that took a position at the support region. As of this analysis, there is a confluence of two indicators – trend line and 50-day SMA acting as near resistance around N21-N22.
In this video, I explained why I quickly took profit on the banking stocks and how I want to take a position again for capital appreciation.
Traders asking for my opinion on GTBank stock should consider going in with half of their funds if they want to hedge against market fall. And If the bank’s stock fails to break out from the N21-N22, we could see a sell-off to its historic support level which is a great opportunity to buy and average down with the remaining half of your funds – this should help reduce the average cost per share.
The second scenario is if the price breaks through the 50-day SMA, then a short term bullish trend is established as new buyers could bid the stock to N27. For me, I am sitting on the fence waiting for either of these scenarios to play out so I can buy the banking stock.
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