OKOMUOIL: Investors’ loyalty melts further, price hits 32months low

Proshare

  Monday, November 17, 2014 5:14 PM / Research

  

Today, OKOMUOIL slipped further into an extreme oversold zone with a moderate loss of -5.00%, extending the active sell-down pattern. Meanwhile, it was observed that investors had maintained a prolonged sell-down tendency towards the stock to close battered in an extreme red zone.



In addition, the stock hits new low in the last 32 Months as sell pressure gained tempo, depressing the stock further into full bearish mode with corresponding sharp decline in price momentum.

 

Also, both money flow index and accumulation indicators closed depressed. This indicates strong pessimistic postures from both the investors and the shareholders’-

So far in the year, the market outlook revealed gradual and persistent dumping of the shares while the stock had shed weight by -36.81% from its year high of N46.64kobo. This further buttressed the falling trend in shareholders’ loyalty noted above.



Furthermore, the stock closed bearish in both short and mid-long term periods as the relationship between the stock and its moving averages had suggested.



Also, the price analysis revealed unimpressive performance as the stock posted -22.57%  and -17.74% loss as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -33.38% and -35.82% loss respectively.



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


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