Yesterday (20th June 2010.) we observed that Ashaka Cement Plc traded huge volume of 189,286,653 shares (189.3 million units) in 52 trades, lower than daily average trades of 59 in the year.
The volume traded appeared to be the highest so far this year with astronomical volume growth of 26073.45% while the volume traded also significantly surpassed the daily average of 1,218,094 by 15440%. More importantly, the volume outweighed the total volume traded in the year till 19th June 2011 by 37.52%- this is a significant volume surge.
The volume technically signifies big money moving out of the stock since it was a bearish volume, buttressed by falling Money Inflow Index -a momentum indicator that measures the strength of money flowing in and out of a security.
Although, the percentage of loss of -1.44% recorded for that day with such volume growth does not suggest sell-off. Nevertheless, the outlook of the price performance in the year is not impressive.- the general sell tendency towards blue chips and big CAP stocks in the market could be a contributory factor the price position.
Considering the price performance of the stock, the stock recorded YTD of -14% while the RSI appeared weak, ending towards oversold region, indicating depressed outlook.
Further analysis revealed that the volume is significantly closed above its 15days and 45days moving averages as shown below.- a huge volume with negative price trend.