Kenya Commercial Rises First Day in 14 on Oversold Position
Kenya Commercial Bank Ltd. (KNCB), the East African nation’s biggest lender by assets, climbed for the first day in 14 after falling below a technical level that indicates the stock is poised for a rise.
The shares advanced 0.3 percent to 15 shillings by the 3 p.m. close in the capital, Nairobi.
Kenya Commercial’s 14-day relative strength index closed at 25.2 yesterday, according to data compiled by Bloomberg. A level below 30 signals to some technical analysts that the stock is oversold and set for a rise.
The RSI identifies possible turning points in indexes or securities by measuring the degree to which gains and losses outpace each other in a given period.
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