GUINNESS extends gaining streak with engulfing bullish pattern


Monday, September 29, 2014 5:14 PM / Research


Today, GUINNESS recorded an active bargain tendency to extend the 3-day gaining streak with an engulfing bullish pattern- an indication of strong enthusiastic trading tendency from both investors and shareholders.

In the recent weeks, the stock had experienced active sell-down to shed -18.03% between July 11th and September 12th 2014.

Market outlook in the recent sessions suggested a reversal trend as investors displayed fresh bargain optimism towards the stock while holding its support level firm at N168.04kobo with corresponding surge in price momentum.

In addition, technical indicators revealed growing bargain tendency towards the stock to record a sustained uptrend with bullish engulfing pattern while the stock closed neutral in short term but remained bearish in mid-long term periods.

Furthermore, price analysis revealed unimpressive performance outlook as the stock posted -0.25% and +2.70% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -21.46% and -15.47% loss respectively.

Conclusively, sub-sector/peer analysis further revealed the stock to close among worst performing stocks in the last one year, which further suggests that the sector sentiments remained negative towards GUINNESS

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