MOBIL breaks key resistance, hits 18weeks high on demand

Proshare

Monday, August 10, 2015 5:14 PM / Research


Today,
MOBIL experienced growing bargain appetite to extend the 2-day gaining streak with another moderate gain of +3.10%. The stock hits 18weeks high, after breaking its key resistance point at N160 with an upper breakout, extending 4weeks reversal trend.

This indicates a sustained positive sentiment towards the stock despite investors’ apathy witnessed on the bourse. In addition, the stock had record 12.24% in 4weeks as against negative posture of All Share Index and unimpressive performance in Oil & Gas sub-sector.



In the recent sessions, the stock continued to record higher highs with a sustained bargain appetite, which further suggests improved investors’ loyalty.


Also, we observed a crack of key resistance of N160.00kobo (noted above)  while the stock had recorded moderate gain of +12.24% in 4weeks to erase 13weeks losses of 6.33% as investors maintained moderate bargain appetite.



Technical indicators revealed a growing bargain tendency towards the stock to close bullish in short term but remained neutral in mid-long term periods- an indication of growing presence of the bulls, driven by unknown improved fundamentals.



Also, price analysis revealed an moderate performance outlook as the stock posted +10.00% and +10.00% gain as its 3months and 6 months returns respectively while its 52weeks and YTD performance stood at -5.12% and +4.43% gain respectively.




Conclusively, sub-sector/peer analysis further revealed the stock to be the worst performing stock in the last one year, which further suggests that the sentiments within the sub-sector remain negative towards MOBIL


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