MAYBAKER experienced active bargain tendency and positive sentiments in the week to record +14.60% gain against -14.60% loss recorded in the previous week - price retracement was observed as the stock regained the loss recorded in the previous week after hitting an all time low at N1.29kobo (recorded on 24 May 2012).
The neutral posture of the stock in short term as revealed by its price moving average indicates the stock is yet to attain bullish mode as the stock still appears depressed in an oversold region as revealed by RSI, indicating moderate possibility to extend the uptrend.
In addition, the bullish position of MACD reveals the active bargain tendency of the investors, further buttressing the moderate possibility of extending the uptrend as noted above while the Bollinger bands appeared narrower, suggesting possible sharp price movement in the near term.
Also, accumulation was witnessed in the week with growing volume, buttressing active bargain as noted above while money flow index (MFI) closed northward.
Technical Conclusion on Sentiments: There is a moderate possibility for the uptrend to continue as the stock remains depressed in an oversold region. Meanwhile, the price retracement is not in doubt as short-termist (profit-takers) retain control of market. The chart below shows MACD, candlestick, RSI and volume analysis.
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