UNIONDICON hits new 52-week high, records +33.50% gain in a week

Proshare

 

Thursday, December 12, 2013 5:14 PM / Research

 

Today, UNIONDICON recorded an impressive gain of +9.12% with an upper breakout to extend the active gaining streak in the week as bargain sentiments towards the stock appeared very strong.



In the recent sessions, the stock continued to record new high day-by-day, leading market performance as bargain sentiments towards the stock remained exceptionally strong - an indication of strong investors and shareholders’ loyalty.

 

The stock had recorded +116.11% of price appreciation in the last week 5weeks, following a prolonged flat posture amid lacklustre trading pattern observed in the year.



So far in the current week, the stock barged +33.5% gain, maintaining 5days of uninterrupted rally while technical indicators reveal sustained growing bargain tendency towards the stock to close bullish in short term but remained neutral in the mid-long term period- an indication of increased chance to extend uptrend.

 

However, we are not in any doubt of price correction anytime soon as the stock maintains a prolonged overbought posture, trading at its peak as price RSI had suggested. Though, the stock records an increased chance to defy this, considering its upper break-out posture which further indicates that the upward trend in price has a good chance of continuing.



In addition, price analysis revealed an impressive performances trend as the stock posted +116.11% and +116.11% gain as its 3months and 6 months returns respectively while its 52weeks and YTD performance stood at +116.11% gain respectively.

 

Conclusively, Union Dicon Salt Plc hits a new 52-week high at N9.12, representing +127.43% price appreciation. 

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