$ellahlakes Ellahlakes over-39% Retracement from 19.4naira/shareELLAH LAKES – Weekly Technical Outlook
NSENG: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
