conoil plc records 9-yr low as investor loyalty plunges - 200412

8/2/2019 Conoil Plc Records 9-yr Low as Investor Loyalty Plunges - 200412

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Conoil Plc Records 9-yr Low as Investor Loyalty Plunges - 200412

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Conoil Plc Records 9-yr Low as Investor Loyalty PlungesSunday, April 22, 2012/ Proshare Research

The market sentiments review of activities in the equities market for the week ended20th April 2012 revealed the inactive status ofConoil Plc as the stock traded below its

9-year supports amid its continued bearish trend in recent time.

Conoil Plc experienced negative and bearish sentiments in the week ended to record a -9.7% loss as against -5.0% recorded in the previous week on the back of continuedmoderate sell tendency and bearish sentiments towards the stock.

Noteworthy, the stock has been on a downtrend since 16th Dec 2011 and so far in theyear the stock has not experienced a sustained bargain trend while its YTD loss stood

at -33.46%.

Follow weekly sentiments on this stock and others here.http://www.proshareng.com/news/Cap%20Mkt%20Sentiments

Technically, the stock broke its 9-yrs support (re: N21.00 established on May 6th2003), on April 17th 2012 with a maximum 5% loss to close at N20.96. The stock

plunged by -33.75% between December 16th 2011 and April 17th 2012 to hit the new9-years low of N20.96 as the bearish sentiments persisted.


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The bearish volume trend reveals a strong sell tendency from investors in the year - apointer to weak shareholders/investors loyalty. The stock recorded its 9-years high of

N195.51 on June 15th 2004.

In the year thus far, the stock has traded a bearish volume of 4.89million unitsonly. This points to the inactive status of the stock as total volume traded so far in theyear represents less than 1% of the shares outstanding.

We observed a consistent outflow of the cash from the stock as money flow index closed

negative, buttressing the significant weakness in shareholders' loyalty while the stock

remained depressed as technically revealed by the RSI. The high selling propensitysuggests the possibility of a sustained downtrend in the coming periods.

Be that as it may, a price trend reversal is not in doubt as the stock appears to havebottomed-out while the depressed posture of the price as revealed by RSI could actuallyincite speculative buying if fundamentals run a positive pitch.

Conoil Plcs Investor Information (http://www.proshareng.com/quote/CONOIL)

Disclaimer: The information provided herein is our opinion only. Under no circumstances do any statementshere represent a recommendation to buy or sell your stocks or make any kind of an investment. You areresponsible for your own due diligence. To summarize, we do not provide recommendations nor do we make

any claims or promises that any information here will lead to a profit, loss or any other result. They are foryour guidance purpose only.


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conoil plc records 9-yr low as investor loyalty plunges - 200412

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