From technical analysis perspective Guarantee Trust Bank Plc share market price is now slightly trading above the downward sloping channel trend which is earlier in the week tested and served as support at N34.37K.
After a steep rally from low of N20.35K to high of N57 the price action has since pulled back to be trading within the Fibonacci retracement levels of 50% (N38.70K) and 61.8 (N34.37K)
From the chart above the pullback has been within a downward channel trendline, every time price reached the downward sloping resistance line, we see a selling pressure from market participants (7 different occasions in 2018) while a brief buying interest is seen when price reaches the support trendline.
On 29th October, 2018 price action breached the resistance trendline where we began to see balancing activities from market participants. On Thursday 15th November, 2018 market participants drove price briefly below the resistance trendline to reach a low of N34 back into the channel but this was not sustainable as buying pressure brings price back above N35 mark on high volume
Technically, there is resistance to sell further in the share market price of GTB Plc as it is trading within a balancing area of N32.04K and N38.36K.
I expect to see a moderate movement to the upside in the share price in the medium and long term.
Happy Trading Week