Zenith Bank Plc Sentiment Analysis Report W/E 300312
Monday, April 2, 2012/ Proshare Research
ZENITH BANK experienced bearish sentiments in the week to record -9.5% loss against +5.3% gain recorded in the previous week.
Analysis of the outlook revealed a downtrend after recording high of N14.15 on 5th March 2012 and still sliding towards its support level at N12.01.
In addition, the stock is in bearish mode as suggested by MACD but appeared bullish in long term as revealed by moving averages.
The candlestick pattern (Dragonfly Doji) is a reversal signal, this shows the downtrend has tendency to reverse anytime soon as bargain hunters appeared taking positions.
Also, the price position at the bottom Bollinger band suggests possible reversal as well while the depressed posture of the price at the downtrend as revealed by RSI could incite the renewed bargain interest.
Technical conclusion on sentiments: the emerging sentiments appeared positive as trend reversal has high possibility while the candlestick pattern (Dragonfly Doji) revealed the weak postures of the bears during last session. For cautious purpose, a higher opening in the next session would be required as a confirmation. The chart below shows MACD, candlestick, RSI and volume.
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