LIVESTOCK extends gaining streak amid bearish sentiments

Proshare

Monday, December 01, 2014 9:14 PM / Research

 

Today, LIVESTOCK sustained moderate bargain tendency to extend the 6-day gaining streak with 4.10% gain- an indication of improved enthusiastic trading tendency from both investors and shareholders towards the stock despite strong bearish sentiments witnessed on bourse.

In the recent weeks, the stock had recorded a reversal pattern with +27.50% price appreciation, following short term price correction to shed -37.50% between September 5th and November 21st 2014.



Market outlook in the recent sessions suggested a sustained reversal trend as investors displayed growing optimism towards the stock while holding its new support level firm at N2.00kobo with corresponding surge in price momentum.



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



Furthermore, price analysis revealed unimpressive performance outlook as the stock posted -21.54% and -19.30% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -42.18% and -40.70% loss respectively.


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