OANDO champions market recovery, gains +28.28% in 3days

Proshare

Wednesday, November 12, 2014 5:14 PM / Research

 

Today, OANDO sustained an active bargain trend to extend the 2-day gaining streak with a continued gap-up pattern- an indication of growing enthusiastic trading pattern from both investors and shareholders.

So far in the week, the stock had recorded active gain of+28.28%, just within the 3days recovery experienced in the week. The stock is currently eyeing N25.00kobo, which has its key short-term resistance level. We expect the stock to reclaim its support level at N25.00kobo.



Market outlook in the recent sessions suggested a strong reversal trend as both investors and shareholders displayed growing bargain optimism towards the stock- an indication of renewed loyalty towards the stock



In addition, technical indicators revealed a sustained bargain tendency towards the stock as suggested by a continued gap-up trading pattern witnessed today. Also, the stock closed neutral in short term but remained bearish in mid-long term periods, buttressing the growing bargain postures noted above.



Furthermore, price analysis revealed mixed performance outlook as the stock posted -20.67% and +35.50% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at +99.63% and -10.60% gains respectively.



Conclusively, sub-sector/peer analysis further revealed the stock to be leading the performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained positive towards OANDO


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