FCMB LONG IDEAFCMB stock is in an uptrend with price creating new highs. Recently, price mitigated a demand zone within the discount level at a price of N8.55 which is anticipated to go up as high as N12.90, the last swing high. To follow up with the bullish run, there is a potential long opportunity at the current market price or the nearest support level around N9.10 where price is also anticipated to continue going up to the target. The stop can be below the recent low around N8.30.
Confluences for the long idea:
1. The market is bullish.
2. Price is coming from a valid demand zone within the discount level.
3. Price is respecting bullish trend line.
4. The confluence of trendline, support level and 50% Fibonacci level is a potential point for price to go higher.
Disclaimer : This is not a financial advice. The outcome maybe different from the projection. Don't take the signal if you're not willing to accept the risk.
