SSAB A share has demonstrated long-term positive indications by force 30sek level on the top… which in the past formed a resistance. Rising lows within the current consolidation bodes well for an outbreak on the top.
SSAB A share is a weak share in the past year come to life considerably with a close of three double from the bottom in the beginning of January 2016. The share has during the recovery phase passed 30sek level which is a critical crossroads when it previously acted as a resistance during the greater part of 2016. Since november, 2016, the shares have been traded within a narrow range of between 32.80 and 40kr which is interpreted as a kraftansamlingsfas before an outbreak upwards in accordance with the rising huvudtrenden. So long as the share is trading above the 30kr is the long-term picture clearly positive.
Within the consolidation has sign of strength produced by the formation of rising lows which reflects a willingness of buyers to step into all higher level courses and provides the prerequisites for an outbreak upwards. We see an opportunity to buy around 35.70 usd then the risk in the form of a stoploss can be placed narrowly in relation to the possibility of a positive outbreak. Målkurs are set conservatively to 46.50 €
Close share above 40kr on a weekly basis will trigger a strong buy signal.
Would share to show weakness by passing lågpunken from may is the first event of a closure during the v32.Students 80 skr as a major weakness to be shown. In this scenario, the expected further test of 30kr.
The share traded above the long-term rising jämviktsvärdet, MA 40 weeks.
The OMXS Large Cap
The stock is traded on the stockholm stock exchange, under the symbol SSAB A.