Sime broke its uptrend line

Sime broke its uptrend line at RM9.00 in early August. It has been struggling to hold onto the horizontal line at RM8.80 for the past few weeks. Its next support is at the horizontal lines RM8.10 & then at RM7.40. Given the poor market sentiment & the bearish technical outlook for the stock, I think one should reduce his or her position in Sime.


Chart: Sime's weekly chart as at Sept 13, 2011_3.45pm (Source: Quickcharts)