DANGFLOUR Plc Sentiment Analysis Report - W/E May 18, 2012
Monday, May 21, 2012/ Proshare Research
DANGFLOUR Plcexperienced a sustained active bargain drive and continued positive sentiments as we have envisaged in our previous report. The stock recorded 15.3% gain to close among top gainers in the week as against 26.8% gain recorded in the previous week - sustained bullish sentiments witnessed as the stock closed above its 8months high of N7.22kobo, recording a new 8months high of N7.29.
The stock remained in full bullish mode as revealed by its price moving average and buttressed by MACD while volume trend revealed active accumulation in the week. A similar uptrend was observed in the money flow index (MFI).
However, the stock is trading at its top as suggested by RSI, indicating the stock is within overbought range. Also, a slight weakness was observed in the uptrend momentum as indicated in the RSI and money flow trend.
The last candlestick formation (Black Marubuso) revealed heavy sell tendency, indicating possible short term pull-back in the next session.
Technical Conclusion on sentiments: the emerging sentiments appear negative as profit taking tendency is likely to overwhelm a possible bargain drive as stock recorded 41.1% gain cumulatively in the last 3 consecutive weeks. The -4.9% loss recorded in the last session buttressed the high possibility of a short term pull-back in the coming session.The chart below shows MACD, candlestick, RSI and volume analysis.
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