ASHAKACEM Plc Sentiment Analysis Report W/E June 08, 2012
Category: Cap Mkt Sentiments
Monday, June 11, 2012/ Proshare Research
ASHAKACEM experienced continued sell tendency and sustained negative sentiments to record a -16.0% loss in the week as against the -2.9% loss recorded in the previous week - continued price correction with significant growth in sell tendency was observed in the week as the stock has been on a downtrend for upwards of 5-wks to record the -19% loss, following the 2-weeks rally witnessed recently.
The outlook reveals a growing active sell tendency and bearish sentiment while the stock remains in a bearish mode in both short and mid-long term period as revealed by the price moving average. Additionally, the stock appeared depressed to close weak at an oversold region; the prolonged bearish posture of MACD buttressed this further while the volume trend and money flow index revealed similar negative trend amid continued distribution.
Technical Conclusion on Sentiments: The sell tendency towards the stock remained strong, pointing to a moderate possibility of a further decline in the price movement. However, a trend reversal may not be in doubt as the depressed posture of the stock creates incentives for a bargain drive. The chart below shows MACD, candlestick, RSI and volume analysis.
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