Seamec Post Poor Results: Still stuck between Rs 165 and Rs 139

SEAMEC Daily NSE Stock Chart Technical Analysis

Seamec opened higher than yesterday at 164.1 and went to a high of 169, but eventually fell and CMP is 161.9.

Market Outlook:

• The price seems all set to fall.
• The support for these falling prices will be near Rs. 157 and then at Rs. 139.  This time I feel it won't stop even at 139 and fall to 125 levels by mid-Dec.
• There could be an opportunity to go short as the price starts falling tomorrow.

Technical Indicators:  

• Bearish Inverted Hammer Candlestick today.
• Strong resistance at 165.
• Price tasted 169 but could not sustain and closed below the 165 resistance.
• Price fall expected in the coming days.
• There is a long term line of support as visible on the chart.  If the price falls below 139, this line will provide support around 125 levels.

News & Fundamentals:

• Q2 has reported a loss again.
• The stock is trading at a P/E of only 9.27 so it shouldn't fall too much.  If the company shows any sign of turnaround, the market will jump on this stock and the prices will soar.  Keep an eye on any positive announcements or declarations by Seamec (if any happen, that is). 

SEAMEC Daily NSE Stock Chart Technical Analysis