Monday, March 12, 2012/ Proshare Research
 

ACCESS Bank Plc closed Second on losers’ chart for the week ended March 9^th 2012. The stock experienced a correction during the week, losing -10.26% after 51.69% gain recorded as at last week.

The correction has tendency to continue, though the bulls were trying to find support around N6.96. However, the last candlestick pattern was black inverted hammer, which is a weak reversal signal, revealing buying pressure in the downtrend but the strong sell tendency overwhelmed the bargain drive.
 

Meanwhile, the volume also closed bearish above its 15days moving average-indicating dominance of the bears as money inflow index maintained southward trend. An upper opening in the next session is required to confirm the reversal.
 

More so, the money index inflow still maintains southward trend while last three trading wasdistribution buttressed by MACD as the stock is trading below signal line. Also, the moving average further reveals the stock to be bullish in long term and it closed indecisive in short term as price closed below its short term but above its mid-long and long term moving averages. Though RSI shows the stock is not depressed .i.e. not in oversold or overbought region.
 

Technical conclusion on sentiment: The sentiment towards the stock is still bearish as the reversal signal appeared weak while the bargain pressure in downtrend was overwhelmed, indicating the stock is still within the ambit of bears. Also, the short term moving average closed indecisive, MACD closed below signal while the distribution is still very alive with money inflow index trending southward. Though, the reversal signal suggests possible turnaround while a higher opening in next session is required to confirm this. The chart below shows MACD, candlestick, RSI and volume.



 

http://www.proshareng.com/quote/ACCESS

Disclaimer: The information provided herein is our opinion only. Under no circumstances do any statements here represent a recommendation to buy or sell your stocks or make any kind of an investment. You are responsible for your own due diligence. To summarize, we do not provide recommendations nor do we make any claims or promises that any information here will lead to a profit, loss or any other result. They are for your guidance purpose only.