Friday, March 02, 2012
Sime- may have a bullish breakout
Sime has broken above the psychological RM10.00 mark today (see Chart 1). Sime has been range-bound between RM8.00 & RM10.00 for the past 2 & 1/2 years (see Chart 2). With this breakout, Sime could commence on its long-awaited upleg. Potential target is RM12.00, with resistance in between at RM10.80 & RM11.50.
Based on this technical breakout, Sime could be a trading BUY.
Chart 1: Sime's daily chart as at Mar 2, 2012_12.00pm (Source: Quickcharts)
Chart 2: Sime's weekly chart as at Feb 27, 2012 (Source: Tradesignum)