UNILEVER slips into oversold range on active profit-taking

Proshare

Friday, October 30, 2015 8:14 PM / Research

Today, UNILEVER recorded moderate loss of -5.00% to extend the sell-down trend to 9days while investors maintained pessimistic postures, following 11weeks rally of 30.52%.

 

In addition, a price correction pattern was observed while further analysis revealed high possibility of growing sell-down trend as investors displayed active negative sentiments.



Also, the stock broke its key support level at N40.00kobo to close lower at N38.68kobo as sell pressure gained tempo while the stock fell by 17.70% to hit 12weeks low in just 9days- This further revealed growing pessimistic tendency from investors, mostly the speculators.

In addition, a break below the N40.00kobo has strong tendency to incite active pessimistic trading, which may deplete the market value further.

 



Furthermore, from technical standpoint, the stock is now trading in an oversold region, after a fall from short-term neutral position to close bearish in short term but remained neutral in mid-long term periods.

This further indicates growing presence of the bears towards the stock as price moving averages had indicated.



Nevertheless, the price analysis revealed mixed performance outlook as the stock posted +4.54% gain and -8.58% loss as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at +7.15% loss and +8.04% gain respectively.



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

 

 

Related News:
1.
UNILEVER Shares Rated SELL After Release of Q3 15 Result

2. UNILEVER Records 85 PBT Decline in Q3 15 Results as Analyst Rates Stock Underperform

3. UNILEVER declares N140.96 million PAT in Q3 15 Result SP N40.71k

4. Turnaround of UNILEVER unlikely in the near term

5. UNILEVER hits new high gains 27.19 in 32days

 

 

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