Wednesday, October 29, 2014 5:14 PM / Research
Today, MANSARD experienced weak bargain pattern to close with a modest gain of +1.00%, following a sustained decline in bargain momentum as short term investors set to engage in active profit-taking after an active and impressive 7-week rally of +20.00% recorded in the recent weeks.
In addition, it was observed that both investors and shareholders displayed cautious bargain sentiment towards the stock as the share price sets for short term correction after hitting its year high at N3.00kobo. There is a strong indication that the stock may succumb to sell pressure soon.
Also, the stock recorded an astronomical growth in its bearish volume with a modest price gain. This shows that both the investors and shareholders maintained cautious trading postures towards the stock. The bearish volume surged by 2140%, which further showed the pessimistic postures of investors. The volume traded closed at 67.46million, representing 0.67% of the share outstanding of the firm.
Also, the stock closed with a sustained bearish volume with corresponding sharp decline in accumulation pattern - This further revealed cautious sentiments from both the shareholders and investors as noted above.
The market outlook in the recent sessions suggests a looming price correction pattern as the stock appeared losing bargain steam at the key resistance point within an overbought threshold. Also the active distribution observed in the last two sessions buttressed this further.
Nevertheless, the stock closed bullish in both short term and in mid-long term periods as the relationship between the stock and its moving averages had suggested, indicating sustained presence of the bulls towards the stock.
In addition, the price analysis revealed impressive performance as the stock posted +17.65% and +29.87% gain as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at +46.6534 and 22.45% gain respectively.
Conclusively, sub-sector/peer analysis further revealed the stock to close among top performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained positive towards MANSARD Plc
1. Mansard Correction is over right time to buy again