First Bank of Nigeria Plc Sentiment Analysis Report W/E May 11, 2012
Monday, May 14, 2012/ Proshare Research
FIRST BANK Plc experienced mixed sentiments and weak bargain tendency in the week to record -2.0% loss as against 7.0% gain recorded in the previous - increased price volatility was witnessed towards the stock amid weak bargain posture and increased market volatility.
The stock experienced more distribution in the week as revealed by its volume trend while money flow index maintained a downtrend throughout the week - indicating persistent sell tendency in the week. Nevertheless, the stock retained its bullish posture in both short and mid-long term period as revealed by price moving average, buttressed by MACD.
Technical conclusion on sentiments: The emerging sentiments appear positive with moderate reliability as bargain tendency appears weak. Though, the stock retains its bullish mode as revealed by price moving average and MACD – indicating that the stock is within the ambit of the bulls. The chart below shows MACD, candlestick, RSI and volume analysis.
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