UACN records improved patronage on renewed optimism

Proshare

 

 

Tuesday, July 01, 2014 5:14 PM / Research


Today, UACN experienced an active patronage with huge bullish volume to record an upper break-out. The stock gained 5.0% to break its 5wks resistance level at N65.00kobo while extending the uptrend to close at N65.10kobo. This indicates a fresh optimism from both the investors and shareholders as the stock maintained huge bullish volume pattern.
 

 

The stock had recorded +10.34% price appreciation in the recent weeks, following series of lacklustre and flat trading sessions. The renewed and active positive sentiments observed towards the stock may indicate (un)known positive changes in fundamentals of the firm.

 

 

In the recent sessions, the stock had maintained a low-key but steady bargain trend to hit a new high in the last 17weeks, closing at N65.10kobo and sets to erase the loss recorded so far in the current year. This further indicates a sustained shareholders’ loyalty.
 

 

 

In the same vein, technical indicators revealed a moderate and growing bargain tendency towards the stock to close bullish in short term and remained neutral in mid-long term periods as suggested by price moving averages.
 

Meanwhile, the price position above upper Bollinger band by 24.3% further buttressed the renewed optimism noted above with an increased chance to extend the uptrend.
 

However, we advise a cautious position as the stock is currently at an overbought region as suggested by price RSI.

 

 

In addition, price analysis revealed mixed performance trend as the stock posted +20.56% gain and -2.84% loss as its 3months and 6 months returns respectively while its 52weeks and YTD performance respectively stood at +20.29% and -2.84% loss respectively.

 

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