Thursday, September 06, 2014 5:14 PM / Research
Today, CONOIL recorded another huge loss of -9.70% to extend the active sell-down trend while investors sustained negative sentiments towards the stock in the recent weeks- an indication of bearish fundamentals.
In addition, the stock recorded a lower breakout, hitting below lower Bollinger band by 2.2% as sell pressure gained tempo with significant surge in bearish volume to slip into oversold region.
This further revealed a sustained unenthusiastic trading posture of both investors and shareholders as bargain appetite plunged further.
The market outlook in the recent weeks (5wks) revealed a continued sell-down trend while the stock had shed by -29.80%, following a week rally of +21.50% experienced between August 4th and August 8th 2014.
Furthermore, the stock closed bearish in short-term but remained neutral in mid-long term periods as the relationship between the stock and its moving averages suggests.
Conclusively, the price analysis revealed unimpressive performance as the stock posted -6.74% and +10.75% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at +84.85% gain and -21.74% loss respectively.
1. CONOIL releases Q1'14 & Q2'14 results with N1.01billion PAT in Q2'14,(SP:N72.50k
2. Conoil Plc FY 2013 - Proforma reveals weakness
3. CONOIL declares N3.1billion PAT in '13 Audited result,(SP:N75.73k)