Update: (dd. 9/5/2018)
Fidelity Bank Plc’s FY-2107 dividend => N0.11 and it’s qualification date dd. 11/5/2018 (this Friday) thus an approx. DY (div. yield) of 4%.
At the moment, we think that the stock is in a short-term bullish rebound from it’s recent low @ N2.09 forming a zig zag with a contracting triangle in the middle. Though, we were expecting the triangle tip and a bullish breakout – the ex-div of N0.11 would affect the pattern if the price falls below N2.37 (the last most recent higher bottom).
Notwithstanding, the stock’s TNTL indicator has given a ‘buy’ signal since 7/5/2018 (last Monday) but let’s watch how the market trades today and tomorrow before we take a ”buy” position….
Update: (dd. 11/5/2018)
Today dd. 11/5/2018, Fidelity Bank finished @ N2.52 => ex-div will be N2.41…..thus the triangle pattern is still valid.
Update: (dd. 14/5/2018)
Fidelity Bank finished @ N2.40 therefore hitting a pattern critical level. 2moro, if it breaks below N2.37 => the triangle pattern still remains under development.
Update: (dd. 15/5/2018)
Today, Fidelity Bank went as low as N2.29 before rebounding in good volume to N2.36 and finished @ N2.30 thereby breaking below our triangle pattern’s critical level @ N2.37 thus is forming a combo pattern (combination of patterns) within a large degree flat pattern. Notwithstanding, in the short-term – we expect a price fall towards a range btw N1.88 – N2.06…..in the intermediate-term forecast, we remain bullish but must wait for the market to confirm !!!
Update: (dd. 19/5/2018)
Last week, as predicted Fidelity Bank continued to fall in considerable volume to as low as N2.15 thereby nearing our target support range btw N1.88 – N2.06. We believe that a flat pattern is being formed since mid-March-2018 thus should expect a strong bullish rebound once rock bottom is hit……in the short-term, we remain bullish but must wait for the market to confirm !!!
We kindly thank everyone who has followed this post which describes how elliot wave patterns are used in finding the best possible price path and when to push that ”buy” button.