Singapore Stocks: Sakari Resources – where is the next support?

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2012May SAKARI RESOURCES LIMITED

This is the weekly chart of Sakari, and we can see that it has had 10 consecutive weeks of decline. This shows that it is obviously on a downtrend, although the possibility of a pullback is quite high seeing how extended the move is. That said, new lows are expected after the pullback, since the support of 1.57 has been broken. The next support I can find is at 0.73, but that is very far, so a trailing stoploss is recommended instead if one chooses to short on the pullback. I will be watching it closely.



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