Monday, March 16, 2015 5:14 PM / Research
Today, WAPCO slipped further to record another moderate loss of -4.90%, extending the price correction pattern after hitting 20weeks high at N90.00kobo on March 10th 2015.
Also, the stock hit 5wks low as both investors and shareholders sustained the speculative tendency towards the stock to close among the stocks on downtrend in the recent weeks.
In addition, the stock recorded a lower breakout, hitting below lower Bollinger band by 14.0% as sell pressure resumed. However, we observed the stock holding its key support line at N80.00kobo with a corresponding high volume.
This further revealed strong pessimistic trading posture from both investors and shareholders as bargain tendency collapsed further.
The market outlook in the recent sessions revealed growing sell-down trend while the stock had shed by -10.67% after hitting its year high at N90.00kobo on March 10th 2015.
Furthermore, the stock closed neutral in both short-term and in mid-long term periods as the relationship between the stock and its moving averages had suggested. This indicates growing negative sentiments towards the stock.
Nevertheless, we remain optimistic while we expect the stock to hold its key support point at N80.kobo.
Also, the price analysis revealed unimpressive performance as the stock posted -9.68% and -14.86% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -27.57% and -0.12% loss respectively
Conclusively, sub-sector/peer analysis further revealed the stock to be among worst performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained negative towards WAPCO