Union Bank Plc gains +10.00% as investors leverage on new support level

Proshare

 

Wednesday, 26 June 2013 / TheAnalyst
 

Today, Union Bank Plc experienced a renewed bargain trend with a maximum gain of 10% after a prolonged lacklustre trading pattern, following the 10-day rally with +66.30% price appreciations experienced between May 27th and June 11th 2013.

 

 

The market outlook reveals a strong reversal trend with renewed positive sentiments towards the stock as it erased the previous -10% loss with an upsurge of +10% in price movement at the end of today's session.

 

 

Although, the stock experienced significant weight loss as sentiments before today was negative (with -30.00% of depreciation in value). This could not be isolated from the profit-taking sessions the market experienced recently as the security topped the list of stocks that have rallied significantly in the year.
 

Nonetheless, technical indicators reveals the stock will remain neutral in short-term and bullish in mid-long term, indicating the stock is still in the bullish zone, though with growing presence of bears.
 

Additionally, the price performance analysis reveals the stock to have experienced moderate volatility, trading within the range of N15.30kobo (Year High) and N7.37kobo (Year-low) while its 52weeks gain stands at +221.86% with YTD gain; closing at +60.27%.



 

Conclusively, Union Bank of Nigeria Plc traded at N5.50kobo, representing -29.85% below its 52-week high of N7.84kobo, recorded on February 14th, 2013 while accumulation pattern remains downward.
 

 

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