SSI : Rebounding as forecast
March 29, 2011 Leave a comment
On March 14th we said of SSI : “with a view to the next 6-8 weeks, a rally to at least 1.40, if not 1.50-1.55 looks likely. However linear progress is not likely, with a day or two of wild action more par for the course.
Tuesday saw the volume surge, with a decent close at 1.28. We suspect the stock will pass its 50 day SMA at yesterday’s high of 1.29 in the VST, with 1.33 to 1.35 likely to see some profit taking.
If Wednesday or Thursday sees a very strong volume day – another 400m+ shares with a buy-side bias, it will likely help a move to 140 or so late this week or early next. For those not already long from recent weakness, on a dip back to 1.24-1.25 entry may still be worth a look.