CONOIL Plc Sentiment Analysis Report - W/E April 20, 2012
Sunday, April 22, 2012/ Proshare Research
CONOIL Plc experienced negative and bearish sentiments in the week just ended to record a -9.7% loss as against the -5.0% recorded in the previous week – on the back of a continued moderate sell tendency and bearish sentiments witnessed towards the stock. The stock has been on a downtrend since 16th Dec 2011 and so far in the year, has not experienced a sustained bargain trend while its YTD loss stood at -33.46%.
Furthermore, the stock broke its 9-year support of N21.00 on April 17th 2012 with 5% loss to close at N20.96. More so, the stock plunged by -33.75% between December 16th 2011 and April 17th 2012 to hit all nine years low of N20.96 as the bearish sentiments persists. In addition, the bearish volume trend revealed strong sell tendency from investors in the year- a pointer to weak shareholders loyalty.
So far in the year, the stock has traded bearish volume of 4.89million units only. This shows the inactive posture of the stock as total volume traded so far in the year represents less than 1% of the share outstanding of the company. The negative position of money flow index buttressed the significant weakness in shareholders' loyalty while the stock remained depressed as technically revealed by RSI.
Technical conclusion on sentiments: There is a high possibility for the stock to continue the downtrend in the coming periods. Be that as it may, a price trend reversal may not be in doubt as the stock appears to have bottomed-out while its depressed posture as revealed by RSI could incite some speculative buying on the back of positive fundamentals. The chart below shows MACD, candlestick, RSI and volume analysis.
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