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.
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
Todd has worked in the financial industry for 20 years. During this time, his primary focus has been in the Foreign Exchange, Global Equities and Fixed Income areas. Todd has also served as a Judicial Advocate in several tax cases in the US Federal Court.