Apr 21, 2010

SCOMI stock code 7158 - Technical Buy

Chart wise : Tracing out of falling flag pattern ………

Scomi had on 20/4/2010 traded higher to a day high of RM0.50 before settled at RM0.485.

above: Scomi daily chart (click to enlarge) 

Next Potential Upside Target : The upside violation of the falling flag pattern would likely see Scomi  to trade upward with next upside target at RM0.55. 

Entry Level  : Risk taking traders may establish buying position at RM0.475.

Stop Loss Level : Once a buying position is being established, a stop loss level at  RM0.45 level  must be placed for risk capital protection purpose followed by trailing stop loss strategy.

source: Mercury Securities