SKYE BANK Plc Sentiment Analysis Report – W/E May 11, 2012
Monday, May 14, 2012/ Proshare Research
SKYE BANK Plc experienced bearish sentiments and consistent sell tendency in the week to record -16.3% loss as against 2.6% gain recorded in the previous month - an overwhelmed sell tendency was observed towards the stock as market volatility increased during the week.
The stock appears to be in a bearish mode in both short and mid-long term period as revealed by its price moving average while MACD buttressed the bearish posture. Also, the price position below bottom Bollinger band confirms the overwhelmed sell tendency as noted above.
To buttress this further, the stock appears depressed as revealed by RSI while the stock is falling towards its 3months support level at N3.19.
Technical conclusion on sentiments: There is an overwhelmed sell tendency towards the stock which may continue, considering the falling momentum while the price position below bottom Bollinger band buttresses this outlook. However, a trend reversal is not in doubt as the stock appears depressed and bottomed-out which could encourage a bargain drive. The chart below shows MACD, candlestick, RSI and volume analysis.
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