Conoil Halts Momentum after Hitting 52-Week High
Conoil Plc has halted its gaining streaks after the oil stock accelerated successive to breach resistance line more than two times. The stock is trading at N387.2, its best price in the last 52-week.
Within the same time, it has hit the bottom. In the last seven trading session, Ticker: CONOIL has gained about 30% due to strong value hunting in the equities market.
The stock had hit the bottom of the wrung before it fast and furious gain amidst anticipated earnings growth.
Data from the Nigerian Exchange revealed that Conoil had traded at N81 within last 52-week on the back of negative sentiment.
But the table has turned in favour of the oil stock, which peaked at N387.2 after it attracted sea of alpha seekers attentions.
Now, there is wide gap between its best price (N387.2) and Lowest Price (N81.85) in the last 12 months in the local equities market.#Conoil Halts Momentum after Hitting 52-Week High#
