ELLAHLAKES: What Next After Capital Raise SetbackEllah Lakes PlcNSENG:ELLAHLAKESForexClinikELLAHLAKES: Analyzing the Retest After Capital Raise Setback. The recent price action for ELLAHLAKES has encountered significant resistance following the rally that began in November 2025. During that bullish phase, the asset reached a peak near N18.5, coming close to its all-time high of N19.5. However, recent fundamental developments suggest a shift in momentum that traders should monitor closely. Fundamental Context: The Failed Public Offering The company’s outlook has faced a notable setback following the news that its attempt to raise N235 billion via a public offering was unsuccessful. The offer, which was priced at N12.50 per share, failed to meet the minimum subscription threshold required by the SEC. This capital setback is a critical fundamental factor. It suggests a "valuation friction" between the company's expectations and current investor appetite, likely leading to a period of reduced liquidity and cautious sentiment. Technical Outlook and Key Zones. From a technical perspective, the inability to break the all-time high, combined with this fundamental "bad news," increases the probability of a deeper retracement. Primary Targets: We are looking for a potential retest of the N10 and N8 support zones. Momentum: These levels represent historical areas of interest where the stock may need to consolidate and find new buying pressure before attempting another move higher. The highlighted entries on the chart remain the primary areas where support is expected to hold. Traders should watch for stabilising price action at these lower levels rather than chasing the previous rally. Disclaimer: This analysis is for educational and informational purposes only. It does not constitute an investment.