ELLAH LAKES – Weekly Technical Outlook
ELLAHLAKES Ellahlakes over-39% Retracement from 19.4naira/share All time High
Current price: 11.75naira per share
Ellah Lakes has retraced from its all-time high of ₦19.4 to a current low around ₦11.74 — a healthy 39% correction from the peak. This type of retracement is typical of a market cooling off after a strong impulsive move, not a structural breakdown.
Price is now retesting previous supports and a possible accumulation zones where fresh demand could emerge.
Rebuy Zone btw ₦10.95– ₦12.70:
This zone sits near the last major breakout level — a classic area for price to retest and confirm as support. If bulls defend this area, it could trigger the next impulsive leg higher.
Rebuy Zone btw ₦8.90 – ₦10.95:
A deeper liquidity level and structural base. Only comes into play if the retracement extends further, but it offers an excellent accumulation opportunity in a longer-term bullish context.
**Targets:**
TP1 remains ₦17.50, which coincides with previous resistance just below the all-time high.
TP2 sits at ₦23.05 — a Fibonacci extension move if momentum resumes and buyers reclaim control.
As long as price holds above ₦8.90 on the weekly timeframe, the broader bullish structure remains valid. Invalidation of this idea is Under 8.90naira per share. This is not financial Advice!!
**Summary:**
Ellah Lakes is undergoing a standard 35–40% retracement within a larger uptrend. The defined rebuy zones (₦12.70, ₦10.95, ₦8.90) represent sound areas to monitor for signs of reversal and accumulation before the next rally leg develops. Else further decline! NFA
ELLAHLAKES Ellahlakes over-39% Retracement from 19.4naira/share All time HighCurrent price: 11.75naira per share
Ellah Lakes has retraced from its all-time high of ₦19.4 to a current low around ₦11.74 — a healthy 39% correction from the peak. This type of retracement is typical of a market cooling off after a strong impulsive move, not a structural breakdown.
Price is now retesting previous supports and a possible accumulation zones where fresh demand could emerge.
Rebuy Zone btw ₦10.95– ₦12.70:
This zone sits near the last major breakout level — a classic area for price to retest and confirm as support. If bulls defend this area, it could trigger the next impulsive leg higher.
Rebuy Zone btw ₦8.90 – ₦10.95:
A deeper liquidity level and structural base. Only comes into play if the retracement extends further, but it offers an excellent accumulation opportunity in a longer-term bullish context.
**Targets:**
TP1 remains ₦17.50, which coincides with previous resistance just below the all-time high.
TP2 sits at ₦23.05 — a Fibonacci extension move if momentum resumes and buyers reclaim control.
As long as price holds above ₦8.90 on the weekly timeframe, the broader bullish structure remains valid. Invalidation of this idea is Under 8.90naira per share. This is not financial Advice!!
**Summary:**
Ellah Lakes is undergoing a standard 35–40% retracement within a larger uptrend. The defined rebuy zones (₦12.70, ₦10.95, ₦8.90) represent sound areas to monitor for signs of reversal and accumulation before the next rally leg develops. Else further decline! NFA
Trade active
ELLAHLAKES is breaking out of my rebuy zone now 13naira per shareTrade closed: target reached
Ellah Lakes at TP1, Over +50% 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.