Sterling Bank Plc Sentiment Analysis Report W/E 160312
Monday, March 19, 2012/ Proshare Research
STERLING BANKclosed with 13.8% gain in the week as against 9.0% gain recorded last week- a better and improved bargain sentiment as the stock experienced a bullish trading pattern in the week.
This candlestick pattern reveals a strong buying drive and positive sentiments towards the stock. The moving averages revealed bullish trend in short term but stayed neutral in long term. Also MACD closed bullish.
However, the continuity of the bullish trend is in question, as the stock is currently at overbought region; the price hits the upper Bollinger band. This means the stock is technically at its top as buttressed by RSI which further means the trend can reverse any moment for now, though the bargain drive likely to defy this, looking at the candlestick pattern and volume trend.
Also, the money flow index closed northward and similar trend observed in volume trend as most transactions were accumulation while this also confirms the strong positive sentiments.
Technical conclusion on the sentiments: The sentiment towards the stock is positive and bullish in short term. The candlestick pattern revealed strong buying sentiments in the week.
On the other hand, the stock is at its top as revealed by momentum indicator (RSI) and its price position at the tip of upper Bollinger band confirms the overbought region. But the stock likely to maintain uptrend in next few sessions as buying momentum closed stronger and firmed. The chart below shows MACD, candlestick, RSI and volume.
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.