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Sunday, February 9, 2014

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

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