Semb Marine has been consolidating from the 4.10 to 4.60 level for about 8 months, finally today we have seen it test the CRITICAL 4.60 Resistance level and stage a breakout. More confirmation needed for it to stay above this new 4.60 support level in the coming days. High in Jan this year was about 4.85 so likely to head to 4.75 to 5.00 level if 4.60 manage to hold. Trading range might be from 4.60 to 5.00 on more market strength and contract wins. Most analyst are bullish on this counter as seen below.
Stop loss at 4.56 for short term trades
CIMB – 23 September 2013
DMG – 13 September 2013
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