ALGO Buy Signal In Sims Metal

Our ALGO engine triggered a buy signal in Sims Metal Management into the ASX close yesterday at $14.25.

The “lower high” pattern is referenced to the $13.15 low posted in early November last year.

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The share price of SGM has dropped more than 13% since announcing the acquisition of UK-based Morley Waste Traders to their existing 10 recycling sites across Europe.

We see solid technical support in the $14.00 area and scope for near-term move back into the $15.60 level.

Sims Metal Management

 

 

 

 

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