Thursday, April 10, 2014 5:14 PM / Research
Today, Forte Oil Plc closed with a impressive gain of +10.20%, recording an upper breakout to extend the active gaining streak in the recent week with corresponding bullish volume as against the general unstable trend observed on the Nigerian bourse.
In the recent sessions, the stock continued to record higher highs to lead market performance as bargain sentiments towards the stock remained active - an indication of sustained positive sentiments driven by strong investors’ loyalty.
The stock had recorded +33.37% of price appreciation in the last 3weeks, following a short term price correction experienced between 7th and 28th March 2014.
In addition, technical indicators revealed active bargain postures while the stock remained bullish in both short and mid-long term periods. This indicates sustained positive sentiments towards the stock.
However, price correction may hit the stock anytime soon, considering its extreme overbought posture while the stock is trading at its peak as price RSI had suggested.
Meanwhile, the stock may defy the overbought zone, considering its upper break-out posture by +13.6% which further indicates that the upward trend in price has a good chance of continuing.
Also, price analysis revealed an impressive performance trend as the stock posted +37.87% and +155.63% gain as its 3months and 6 months returns respectively while its 52weeks and YTD performance stood at +798.90% and +25.52% gain respectively.
1.Interview with Forte Oil’s Femi Otedola
2.FO Releases Notice of Board Meeting
3.Forte Oil Plc Posts N6.52bn Profit Before Tax 2013 Full Year Result
4.Forte Oil closes flat as 'half-bread reward' drives dull trading