DANGFLOUR experienced positive sentiments and impressive rally in the week to close with 11.4% against 6.0% gain recorded in the previous week. However, the stock retraced as the stock failed to break its 6weeks resistance at N4.90. Though, the MACD still closed bullish buttressed by volume movement trend which closed positive and above its 15days moving average as more of accumulation was done in the week
However, the sentiments appeared mixed as the stock hit the upper Bollinger band while the moving average revealed a bearish trend in long term.
Technical conclusion on sentiments: the emerging sentiments appeared bearish as the stock failed to break its 6weeks resistance at N4.90 and retraced accordingly after hitting above upper Bollinger band. The chart below shows MACD, candlestick, RSI and volume.
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