THE PRICE of Nigerian Breweries Plc is consolidating within the price range of N179.00k – N180.00k; testing its 52-wks resistance level at N180.00k for the fourth period in the year – will it break the resistance level this time or not? Breaking it would suggest that the stock will hit a new high in the remainder of the year, and of course translates to a new 52-weeks high as the stock currently maintains a 52-weeks high at N179.40. In this regard, sentiments analysis reveals a strong willingness from investors to push this price into a new high, considering the candlestick pattern (White Hammer) formed in the last session. The charts reveal a moderate buy position against sell pressure(s) around N179.49kobo (day-high) and N175.02kobo (day-low) with investors eventually holding their ground at N179.33 below the high of the day. Further analysis details this as a weak close, falling below its day-high by -0.09%. Analyst said it can easily take a clue from this posture that the stock has increased its chances of succumbing to the general sell pressure in the market at the moment. In the last seven (7) days, the stock maintained a strong consolidation posture within an ascending triangle pattern – a continuous trading pattern while the stock was recording higher lows daily. At the close of the previous session, the stock was at the verge of breaking-out or faking-out. Analysts projects least 8.00 percent or more in price changes whichever way. The stock closed bullish in short term but remained neutral in mid-long term period as revealed by its price moving average(s). This shows an increased possibility of an uptrend, buttressed by a growing bargain tendency as suggested by MACD. NB Plc’s price performance analysis reveals an impressive but weak performance as the stock posted positive returns of +11.04 percent and +10.70 percent for its 3-months and 6-months price performance respectively; while its 52-weeks and YTD performance stood at +46.63 percent and +21.99 percent gains respectively.
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