Jul 9, 2010

SCOMIMR - Gapped up plus volume

ScomiMR (stock code 7045) had on 8/7/2010 gapped up to cross over the downward sloping trendline extended from high of RM0.475 (9/4/10) to connect the other high of RM0.395 (21/6/2010) with a day high of RM0.415 before settled at RM0.405.

scomimr-malaysia  above: SCOMIMR chart: click to enlarge

Next Potential Upside Target : With the upside violation of the downward sloping trend line, ScomiMR looked set to trade upward with next upside target at RM0.435. 

Entry Level  : Risk taking traders may establish buying position at RM0.395 as a small pull back is seen likely before making attempt(s) to go higher.

Stop Loss Level : Once a buying position is being established, a stop loss at RM0.38 level must be placed for risk capital protection followed by a trailing stop loss strategy.

by Mercury Securities

Scomi Marine, an associate of Scomi Group, provides marine vessels to the energy sector namely of coal and; oil and gas industry