Friday, September 23, 2011

Sakari Resources

Sakari Resources: CIMB has Technical Sell Call. Note that prices broke below the flag channel as well as its previous low yesterday. This could be seen as a prelude to more downside ahead. If house right, prices should drop towards $2.28 soon. The following support levels are $2.17 and S$2.00.

MACD signal line has staged a negative crossover while RSI has also hooked downward. Hence, think follow through momentum will likely be weak in the near term. As the candles are trading below all the key moving averages, strategy here is to unload into strength, especially near $2.44-2.48 levels. Aggressive traders, however, may start to unload now. Buy stop at $2.51.

No comments:

Post a Comment