DANGSUGAR


After the horrible news surrounding the Nasarawa litigation on Dangote Sugar, which had been respecting the 2024 yearly high at ₦86.05/share, violently broke that zone below and is now attempting to close the imbalance/gap that triggered the rally toward the all-time high of ₦95.80/share.
At this stage, two key scenarios stand out technically:
1. The bulls defend the ₦72.80/share support zone, which could trigger a relief bounce and potentially restore bullish momentum.
2. Failure to hold ₦72.80/share could lead to a deeper correction toward the ₦61.30/share zone, a level that may present a strong accumulation opportunity, especially considering the Rights Issue pricing is around the ₦60/share region, making that zone fundamentally and psychologically attractive for long-term positioning.
#NFA
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