SembMar Technical Analysis Feb 2014
SembMar ( S51 ) breakdown from a multi-year support on January 24. This support is part of a large descending triangle formation**. The rebound from Feb 5 ( $3.9 ) to Feb 7 ( $4.1) is likely to be technical in nature aimed at correcting the short term oversold. The rebound, known as the 'return move', may continue for a couple more days until prices touch the support turned resistance ( $4.15 ~ $ 4.20, may overrun slightly ). After that, we may see prices reverse with a mid to longer term target of $3.00.
**Descending triangles are usually continuation pattern but it may also appear in market top as a major reversal pattern
**Descending triangles are usually continuation pattern but it may also appear in market top as a major reversal pattern
Labels: Market Action, Stock Pick, Target Price
posted by Market Wizards @ February 09, 2014
