UBN Plc Sentiment Analysis Report W/E June 08, 2012
Category: Cap Mkt Sentiments
Monday, June 11, 2012/ Proshare Research
UBN experienced renewed sell activities and negative sentiments in the week to record a15.5% loss as against the +5.6% gain recorded in the previous week - sustained price correction trend was observed as the stock has been on the downtrend since 4weeks ago, following the 5weeks uptrend experienced recently.
The outlook revealed active sell tendency as the stock recorded new lows throughout the week. The bearish posture of MACD buttresses the sell tendency further as the stock continues to slide towards the oversold region amid its bearish posture in both short and mid-long term period as revealed by the price moving average. In addition, the sustained bearish volume trend further reveals the active sell tendency as more of distribution was observed in the week amid sustained southward trend in money flow index.
Technical Conclusion on Sentiments: the stock has a moderate tendency to extend the downtrend in the coming sessions. However, a trend reversal is not in doubt as the stock tried to stabilize at N3.17kobo in the last two sessions while the contraction of Bollinger bands reveals the high possibility of a sharp price movement in near term. The chart below shows MACD, candlestick, RSI and volume analysis.
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