Monday, June 11, 2012/ Proshare Research
 

First Bank Plc experienced moderate sell tendency and negative sentiments to record -6.1% loss in the week as against the modest gain of +0.8% gain recorded in the previous week – supporting the weak bargain drive witnessed towards the stock as distribution dominated the trading activities in the week while the general bearish trend in the market had an overbearing impact on the performance of the stock.
 

Be that as it may, the stock maintained its bullish range to close neutral and bullish in short and mid-long term period respectively as revealed by price moving average, indicating the stock is yet to attain bearish mode. In addition, the two days bearish position of MACD further buttressed the weak bargain drive observed in the week while the sharp fall in RSI revealed the active distribution and sell momentum amid bearish volume posture.
 

Technical Conclusion on Sentiments:  Barring unforeseen market price volatility, the stock has moderate possibility to extend the trend as the sell tendency gained momentum in the last session. The chart below shows MACD, candlestick, RSI and volume analysis.

http://www.proshareng.com/quote/FIRSTBANK

Disclaimer: The information provided herein is our opinion only. Under no circumstances do any statements here represent a recommendation to buy or sell your stocks or make any kind of an investment. You are responsible for your own due diligence. To summarize, we do not provide recommendations nor do we make any claims or promises that any information here will lead to a profit, loss or any other result. They are for your guidance purpose only.