CONOIL sheds -29.80% in 5wks, hits oversold zone on bearish fundamentals

Proshare

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.

 

Related News:
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) 

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