AIICO hits 9wks high, breaks key resistance to lead peer

Proshare

 

Friday, September 18, 2015 5:14 PM / Research

 
Today, AIICO recorded moderate bargain tendency to sustain the price recovery pattern with 4.40% gain, extending the uptrend with a corresponding upper breakout –an indication of sustained risk appetite towards the stock despite mixed sentiments observed on the bourse.
 

The outlook revealed growing bargain tendency while stock maintained a 4weeks uptrend, breaking key resistance point at N0.90kobo to settle at 9weeks high of N0.94kobo. This further revealed the sustained positive sentiments and loyalty from both investors and shareholders.
 

The stock had recorded moderate gain of +16.05% in the just concluded week to further buttress the sustained positive sentiments noted above.

 

 

Just as noted above, the trading pattern in the recent weeks suggested growing bargain optimism as the stock broke its key resistance level at N0.90kobo after 3rd attempts.

 

 

In addition, technical indicators revealed a sustained bargain tendency towards the stock as suggested by sharp uptick in bargain momentum. Also, the stock closed neutral in short term but remained bearish in long term periods, buttressing the growing bargain appetite noted above.

 


 

Furthermore, price analysis revealed moderate performance outlook as the stock posted +2.17% and +6.82% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at +16.05% and +16.05% gains respectively.

 




Conclusively, sub-sector/peer analysis further revealed the stock to be top performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained positive towards AIICO.

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