Monday, March 26, 2012/ Proshare Research

UBA experienced mixed sentiments in the week to record 0.7% gain - a weak performance to 1.75% recorded in the previous week. The emerging sentiments appeared bearish buttressed by MACD while moving averages closed neutral in both short and long term period.

Meanwhile, the stock is likely to experience low volatility as Bollinger band is getting narrower while the stock maintained its support level N2.56 by recording low of N2.58 in the week.

The RSI and moving averages revealed weak momentum in price movement while is likely to form a resistance at N2.87. The volume trend buttressed the weak momentum as the volume traded closed below 15days moving averages significantly by 70%.

Technical conclusion on sentiments: The emerging sentiments appeared bearish, buttressed by MACD. Though, strong accumulation was observed in the last session. Volatility is waning so as price movement momentum while the stock has formed a resistance at N2.87. The stock lacks strength to break the resistance.

  

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

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