Is DangSugar Still Going South - EW Nation

Is DangSugar Still Going South

October 6, 2024

Members, Nigeria, Stock

In January 2024 the price of DangSugar (NSE:DangSugar) stock was hovering in the vicinity of 80 a share. The company was a stock market darling, whose future looked especially bright considering its last revenue of ₦275 billion, representing a moderate 4% year-over-year growth.

Is DangSugar Still Going South

Updated: 10/6/2024 2:19 PM

The last times we posted about Dangote Sugar were in September 29th, 2024 (Will DangSugar escape from its prison) and August 10th, 2024 (Will DangSugar see the light of Day)

Our Analysts have made some considerations based on the continued selling pressure that the asset has seen.

The chart below clearly reveals that the larger A wave of a potential triangle correction is still on course. The A-B-C wave is unfolding as a zigzag with a potential target of 24.7 where C will be 100% of A.

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