SYMC : Huge resistance at 12.20-1230
April 9, 2011 Leave a comment
SYMC was one of the best punts over the past fortnight, but because it did not meet our volume criteria, we ignored it. Hoonthai prefers larger more liquid stocks, but do tell us if there are 2nd or 3rd tier counters you would like analyzed.
SYMC might well dip to 1030-10.40 very quickly, and indeed could come off a lot more -to 9.50-9.80 or so. We view 11.10 as the VST support and breakdown point, and as noted above, 12.20 to 12.30 as a major price barrier now. In technical terms, a breakout above 1230 should see a new high, or at least a close retest of the recent peak at 13.30
Overall, it looks a tad dangerous to us.