ACCESS displays strong reversal signal as sell pressure wanes

Proshare

Tuesday, August 18, 2015 5:14 PM / Research

Today, ACCESS recorded a renewed and fresh moderate bargain tendency to halt the prolonged free-fall pattern, holding its new support at its all time low of N4.00kobo- technically, this is a buying opportunity.

The stock dipped by 58% from its peak of N10.00kobo recorded on May 30th 2014, representing 15months fall to close at its new low of N4.20kobo on August 17th 2015.




Market outlook in the last two sessions suggested a reversal trend as investors displayed fresh bargain optimism towards the stock while holding its support level firm at N4.00kobo with corresponding surge in price momentum and traded volume in the last two days.


 

In addition, technical indicators revealed waning sell tendency towards the stock, with a strong reversal candlestick signal, which indicates downtrend has come to an end with strong possibility of extending uptrend.

Meanwhile, the stock remained bearish in both short term and long term periods.
 



Furthermore, price analysis revealed unimpressive performance outlook as the stock posted -32.04% and -19.54% loss as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -56.88% and -36.36% loss respectively.

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4. ACCESS Bulls may break the silence mode.

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