Seamec: Still Underwater

SEAMEC Daily NSE Stock Chart Technical Analysis:

Seamec again fell today and remained below its diagonal resistance.

Close & CMP: 100.4

Market Outlook:

The stock price is below its diagonal resistance but is resting on its support @ 100.  If 100 is broken we could see another big fall.  This looks like a sideways price trend is emerging.

Technical Indicators:

Some inverted hammers in the past few days bounced off below the resistance, showing the strength of the diagonal resistance.  

Today the price stopped exactly at its support @ 100.

So, there is a battle between the bulls and the bears and there is chance that this stock might remain sideways in March.

All previous posts related to Seamec

SEAMEC Daily NSE Stock Chart Technical Analysis

Seamec: Underwater

SEAMEC Daily NSE Stock Chart Technical Analysis:

Seamec has continued to fall since Nov 2009.  The value has less than halved since that time.

Close & CMP: 109.65

Market Outlook:

• The stock price fell below its long term diagonal support line and this line is now acting as resistance.  Currently, the resistance is at 110.
• If the price falls further, there can be some expected support at 100.
• Seamec का भाव नवम्बर २००९ से लगातार गिर रहा है.  एक और सुप्पोर्ट लाइन को भी तोड़ दिया है और नीचे गिर गया है.  अब इससे ११० पर रेसिस्टांस है, और १०० पर सुप्पोर्ट है.

Technical Indicators:

• The price tried to make a U-turn today but hit its resistance and remained below.
• The price has recently fallen below a long-term support line which is now acting as resistance.
• Overall NIFTY is also falling, so no stock has as it is been able to sustain.
• Climbing and staying above 113 will be a good sign.

All posts related to Seamec

SEAMEC Daily NSE Stock Chart Technical Analysis

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

Seamec stuck between Rs 165 and Rs 139

SEAMEC Daily NSE Stock Chart Technical Analysis:

Seamec closed sideways again on 4th Nov 2010 (This chart is not reflected Mahurat trading on 5th but it does not make much difference to the analysis)

The CMP of Seamec as on 5th Nov 2010 is Rs 153.65.

Market Outlook:  

• The stock price is volatile and sidways since a long time.  The next week will see another sideways movement with not much different from this week's close @ 153.65.  
• For now, there are no buy-sell signals on this stock and I recommend to wait before taking any move on Seamec.

Technical Indicators:

• There is dual support available to the price at Rs 139.  There is a support line from a previous low and there is the Fibonacci 50% support as well.
• A long term diagonal support line has fallen below Rs 139 in late August and is no longer offering support to the company's stock price.
• If the price rises, it can meet resistance at Rs. 165, which is the Fibonacci 38.2% level in the current retracement.

News (Fundamentals):

• Seamec has posted a loss in the previous quarter, and results of this quarter are awaited.
• The company has announced 30% dividend.  From what I gather, this is the first dividend in 12 years.  This might simply be an attempt to generate interest in an otherwise uninteresting stock, or the company may actually be upto something.  No news about it yet.
• There is no significant news about the company.  The market will move in some direction, either up or down, after news of the quarterly results comes out.
• Unless the quarterly results show that there is a change in the sales or income of the company, or any big deals are announced, there isn't much scope for Seamec to gain in the near future.

SEAMEC Daily NSE Stock Chart Technical Analysis


(Analyzed on request of Sreeni, Bahrain)