WAPCO records reversal signal as sell pressure wanes


Thursday, December 18, 2014 5:14 PM / Research


Today, WAPCO closed with impressive gain of +7.20% as both investors and shareholders displayed improved bargain postures towards the stock, following a lower breakout recorded yesterday in an oversold zone- an indication of waning sell pressure, just as we have observed renewed bargain appetite on the Nigerian bourse.

The stock had shed -49.24% to remain depressed in an oversold region after hitting its year-high at N131.00kobo recorded on September 22nd 2014.

Market outlook in the recent weeks further revealed price correction pattern and
prolonged pessimistic postures from both the shareholders and investors in the last 12weeks while the stock hits 94 weeks low to close at N66.50kobo yesterday.

However, technical indicator revealed waning pessimistic tendency towards the stock while it remained bearish in both short and mid-long term periods as indicated by the relationship between the stock and its moving averages.


Nonetheless, the price analysis revealed unimpressive performance outlook as the stock posted -42.37% and -33.96% loss as its 3-month and 6-month returns respectively while its 52-week and YTD performance stood at -32.40% gain and -37.98% loss respectively.

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