IKEJAHOTEL hits new 59wk high, defies bearish market sentiment

Proshare

Thursday, September 4th, 2014 5:14 PM / Research

 

Today, IKEJAHOTEL recorded active bargain tendency to close with impressive daily gain of +9.50% against flat posture recorded yesterday with an upper breakout, extending the 3-day gaining streak in the week despite bearish market atmosphere.

This indicates a sustained positive sentiment towards the stock despite low bargain appetite across board.



In the recent sessions, the stock continued to record higher highs, which may suggest improved (un)known fundamentals. Also, we observed a sustained strong investors and shareholders’ loyalty towards the stock as it hits new high posted +19.5% gain so far in the week.

The stock had recorded +22.67% of price appreciation in the last 7weeks, following a persistent sideway trading experienced between May 23rd and July 25th 2014.



So far in the current week, the stock had barged 19.5% gain while technical indicators revealed a growing bargain tendency towards the stock to close bullish in both short and mid-long term periods- an indication of bullish fundamentals amid growing sell pressure on the Nigerian bourse

However, the stock may experience price correction anytime soon, considering its overbought posture, trading at its peak as the price RSI had suggested.



Also, price analysis revealed an moderate performance outlook as the stock posted +2.22% and +39.39% gain as its 3months and 6 months returns respectively while its 52weeks and YTD performance stood at +15.00% and +17.95% gain respectively.

READ MORE:
Related News
SCROLL TO TOP