PZ sustains uptrend-line, breaks key resistance to lead market

Proshare

Monday, June 08, 2015 5:14 PM / Research

Today, PZ recorded an impressive bargain tendency to close with 5.0% gain, extending the renewed optimism with a corresponding upper breakout –an indication of sustained risk appetite towards the stock despite growing price volatility observed on the bourse.


The outlook revealed growing bargain tendency while
stock maintained a strong posture above its uptrend line despite the recent whipsaw. This further revealed the healthy loyalty from both investors and shareholders.


The stock had recorded moderate gain of +25.50% in the last 12weeks to further buttress the sustained enthusiastic trading pattern noted above.




Just as noted above, the trading pattern in the recent weeks suggested growing bargain optimism
as the stock broke its key resistance level at N30.0kobo after 6th attempts.



In addition, technical indicators revealed a sustained bargain tendency towards the stock as suggested by sharp uptick in bargain momentum. Also, the stock closed bullish in both short term and long term periods, buttressing the growing bargain appetite noted above.



Furthermore, price analysis revealed moderate performance outlook as the stock posted +9.54% and +2.23% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -14.83% and +28.82% gains respectively.



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

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