Within 6 trading sessions (from 16th May 2017 when the vodacom deal was announced) safcom trades 150M shares the bulk at 20.50 to finally close above 20.75..Ksh 20.50-21.50 is a tough resistance..watching keenly for volume and price action(cause/effect) in the coming days to determine the nature of these volumes.
KCB fighting the 37-42 resistance without struggle.Good volumes noted as 33-34 levels defeated(app 100M shares traded at these level )and volume spikes at 35.50-36.50 (20M shares traded).This will serve as support as the counter corrects (expected at 42).strongest RSI and MACD highs noted since April 2016 signifying trend change.
As usual, Equity does the chasing albeit with less vigour (Remember the chase to the bottom just pre rate cap)to close at 36.50 (i expected resistance at 36)
For both there is thin supply to 40
Just like bears,bulls are contagious..I noted divergence on MACD for several banking stocks eg DTB
The NSE touches 3317.It has been above 3000 levels from feb 23 2017 and has the strongest MACD and RSI levels since April 2017 (It compares well with KCB and Equity charts).It has been on overbought levels since March 22.
Main obstacle remain to be the election but bulls have to fight obstacles and the crowd will always be wrong..I have also noted that the local participation has really increased (Institutional buyers ???)
Will NSE touch the pre rate cap level 3462 before the correction ??
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”