UBA Plc Sentiment Analysis Report W/E May 11, 2012
Monday, May 14, 2012/ Proshare Research
UBA Plc experienced moderate sell tendency and bearish sentiments in the week to record -5.5% loss as against 12.9% gain recorded in the previous week - price correction (profit taking) was observed towards the stock due to a 7-month high recorded recently amid increased market volatility during the week.
The stock experienced distribution and cash outflow throughout the week as revealed by its money flow index while the growing bearish volume buttressed the negative sentiments witnessed in the week.
However, the stock remained bullish in both short and mid-long term period as revealed by its price moving average, buttressed by MACD. This indicates that the stock is still within the bullish range.
To buttress this further, the stock ended the week with strong bullish sentiments as revealed by candlestick (bullish engulfing) pattern in the last trading session while the stock likely to establish new support level at N3.50 as the chance of consolidating into less volatile trading range has increased with corresponding bullish volume.
Technical conclusion on sentiments: barring any unforeseen market volatility in the coming week, the emerging sentiments towards the stock appears positive with moderate bullish tendency as the stock ended the week with an impressive bargain posture and a corresponding bullish volume. The chart below shows MACD, candlestick, RSI and volume analysis.
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