SEPLAT sets to break 15wks support level on growing sell sentiments

Proshare

Tuesday, September 09, 2014 5:14 PM / Research

  

Today, SEPLAT recorded a moderate loss of -4.4% as sell pressure towards the stock gained tempo, following a 3-week sideways and lackluster trading pattern recorded recently while investors’ sentiments towards the stock appeared mixed in the weeks.

The stock had shed -11.21% in the last 11weeks to close in an oversold region- a battered position at N650.00kobo.



Market outlook in the week revealed waning bargain appetite towards the stocks amid sustained unenthusiastic trading postures from both the shareholders and investors as the stock sets to break its 15months support level at N650.00kobo.



However, technical indicator revealed significant decline in bargain tendency towards the stock while it closed bearish in short term but remained neutral in mid-long term periods as indicated by the relationship between the stock and its moving averages- an indication of low investors and shareholders loyalty.



Conclusively, the price analysis revealed unimpressive performance outlook as the stock posted -5.80% and -3.70% loss as its 1-month and 3-month returns respectively while its YTD performance stood at +2.36% gains.

 

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