Monday, June 11, 2012/ Proshare Research
 

Zenith Bank Plc experienced waning sell tendency and mixed sentiments to record modest gain of +0.4% as against the -9.1% loss recorded in the previous week - a better performance when compared with the recent four weekly consecutive losses, following the 12-months high of N15.59  recorded on May 3th 2012.
 

The outlook for the stock will suggest that we may have reached the end of current price correction taking place, as the stock seems to stabilise around N13.25k to form a new support level. On the other hand, the bearish position of MACD suggests a weak bargain posture while the stock closed neutral and remained bullish in short and mid-long term respectively as revealed by its price moving average – indicating that the stock is yet to attain bearish mode.
 

Technical Conclusion on Sentiments: The stock has a moderate possibility of experiencing an uptrend in the coming periods as sell pressures appear to have waned, suggesting that the depressed posture of the stock may actually encourage new bargains  as revealed by RSI. The chart below shows MACD, candlestick, RSI and volume analysis.

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

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