Monday, May 14, 2012/ Proshare Research

SKYE BANK Plc   experienced bearish sentiments and consistent sell tendency in the week to record -16.3% loss as against 2.6% gain recorded in the previous month - an overwhelmed sell tendency was observed towards the stock as market volatility increased during the week.

The stock appears to be in a bearish mode in both short and mid-long term period as revealed by its price moving average while MACD buttressed the bearish posture. Also, the price position below bottom Bollinger band confirms the overwhelmed sell tendency as noted above.

To buttress this further, the stock appears depressed as revealed by RSI while the stock is falling towards its 3months support level at N3.19.

Technical conclusion on sentiments: There is an overwhelmed sell tendency towards the stock which may continue, considering the falling momentum while the price position below bottom Bollinger band buttresses this outlook. However, a trend reversal is not in doubt as the stock appears depressed and bottomed-out which could encourage a bargain drive. The chart below shows MACD, candlestick, RSI and volume analysis.

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

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.