Diamond Bank Plc Sentiment Analysis Report W/E 300312
Monday, April 2, 2012/ Proshare Research
DIAMOND BANK experienced mild and low bearish sentiments in the week to record -4.0% loss against -2.4% loss recorded in the previous week.
The trend is on the slide but there was consistent accumulation throughout the week. This shows there was fresh/new interest towards the stock as some investors were exiting their positions.
However, the money flow index actually showed that money is flowing out but some investors are taking advantage of low price considerably as buttressed by volume movement which stayed positive and closed significantly above 15days volume moving average by 558%.
Furthermore, the price moving average revealed weak bargain momentum as the trend appeared bearish in both short and long term period. Also, the stock recorded new low ofN2.28 during the session after 30 trading sessions. Though, the stock still closed at N2.38, above its 30days support of N2.40.
Nevertheless, The RSI also revealed that the stock is moving into oversold region buttressed by Bollinger bands as the stock traded below but later closed above bottom Bollinger bands.
Technical conclusion on sentiments: The emerging sentiments appeared mixed but it was established that there is strong accumulation tendency towards the stock. Also, there is strong indication that the stock might maintain its support level at N2.40 while its depressed posture could trigger uptrend. The chart below shows MACD, candlestick, RSI and volume.
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