SMM

SMM: News - Secured a US$696m contract to convert a shuttle tanker into an FPSO vessel, for OOGTK Libra, a JV between Brazil’s Odebrecht Oil & Gas and Teekay Offshore. Technicals: Possible rebound play after the recent bounce, reinforced by the key indicators which have hooked back up and are emerging from oversold territory. Cut loss if price dips below the new support at $3.54 (52-wk low). Otherwise, expect the near term share price recovery to continue on a break out above $3.70, with initial target of $3.80, followed by $3.90 (firm resistance) in extension.