CONOIL records upper breakout, extends 5days gaining streak


Thursday, June 12, 2014 5:14 PM / Research

CONOIL experienced a sustained and impressive patronage with huge volume to record an upper break-out, gaining another 10.2% to extend a 5-day gaining streak. This indicates a strong optimism from both the investors and shareholders in the last 5days as the stock maintained huge bullish volume pattern.

The stock had recorded +26.9% price appreciation so far in the week, reflecting a renewed and active positive sentiments towards the stock, which may be traceable to (un)known changes in fundamentals of the firm.

In the recent sessions, the stock had maintained a steady bargain trend to hit a new high in the year, closing at N65.98kobo and sets to erase the loss recorded so far in the current year. This further indicates a sustained shareholders’ loyalty.

In the same vein, technical indicators revealed a growing bargain tendency towards the stock to close bullish in short term and remained neutral in mid-long term periods as suggested by price moving averages.
Meanwhile, the price position above upper Bollinger band by 16.2% further buttressed the sustained active bargain tendency noted above with an increased chance to extend the uptrend.

However, it should be noted that the stock is currently at an extreme overbought region as suggested by price RSI, which may incite cautious trading towards the stock anytime soon.

In addition, price analysis revealed mixed performance trend as the stock posted +27.13% gain and -2.87% loss as its 3months and 6 months returns respectively while its 52weeks and YTD performance respectively stood at +174.92% and -2.87% loss respectively.

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