April 12, 2013/ The Analyst
Today, Ikeja Hotel Plc regains uptrend by +4.2% price appreciation with corresponding moderate bullish volume after hitting its one-year low at N0.72kobo on the back of sustained weak bargain posture and prolonged price volatility to record -36.28% depreciation from the year high of N1.13kobo.
In the last one week, the stock had experienced significant sell down by investors- a kind of continued profit taking while the outlook in the last 10weeks suggests sustained price correction -36% price depreciation.
In addition, the stock has not recorded impressive performance in the last one year while its YTD price returns stands at -10.00% as at 11-April-2013. Also, the stock's 3months and 6months performance stayed negative at -22.58% and -36.28% respectively.
Furthermore, the price moving average revealed the stock to be in bearish mode, the stock trades below its short and mid-long term moving averages. Nevertheless, we expect the stock to hold its support level at N0.72kobo, though money inflow into the stock remains feeble with weak uptrend momentum as revealed by RSI.