DAIMOND BANK Plc Sentiment Analysis Report – W/E May 04, 2012
Sunday, May 06, 2012/ Proshare Research
DAIMOND BANK Plc experienced strong buying tendency with growing bullish volume in the week to record 14.3% gain as against -2.8% loss recorded in the previous week- a trend reversal and an impressive strong bargain posture observed towards the stock in the week.
Diamond Bank stock witnessed impressive positive sentiments, particularly in the last two sessions of the week to close bullish in both short and mid-long term periods as revealed by price moving average. Also, the price position above upper Bollinger band confirms the strong bargain posture while the position of MACD bolstered the bullish trend and positive sentiments further.
As the money flow index maintained strong northward trend, the bullish volume traded experienced significant and gradual growth throughout the week, indicating continued buying posture of investors.
However, the stock appeared to be within overbought range as ascertained by RSI while the price position above upper Bollinger band by 28.2% confirms the posture and buttressed further by slight weakness observed in accumulation index.
Technical conclusion on sentiments: there is strong buying tendency towards the stock, the price position above upper Bollinger band by 28.2% revealed positive sentiments and confirms the strong buying tendency further. Again, this suggests the possibility of short-term pullback as the stock trades within the overbought range amidst noticeable slight weakness in accumulation trend.The chart below shows MACD, candlestick, RSI and volume analysis.
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