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Grupo Simec S.A.B. de C.V. Message Board

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  • ranmec ranmec Apr 4, 2005 12:30 PM Flag

    buying SIM

    I agree with you, but I'd like to know who is selling and why at these rock-bottom prices...

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    • People tryin to cut losses.

      • 1 Reply to athlonmank7
      • I agree with the previous posts. Speculators buying in the upper range and selling out is really the source of it's 'weakness'. From a long term perspective(monthly bar charts), keeping in mind SIM's recent daily chart action, the likelyhood of it bottoming out here in $5 range is high. If this is the bottom, SIM's recent severe decline could be viewed, on a long term chart, as the common sharp shakeout action that occurs right before the fast suckerbait rise that leads to a long term cycle top.

        I must admit that this is a critical time for SIM; it's bottom NOW or BUST. That being said, I am long SIM and bought more this morning for the big pull to $15ish. I would be an a ccumulator in this range if I owned SIM. If I had no previous stake in SIM, I would wait for it to confirm a bottom(a h&s bottom on the daily chart would be really sweet here) before I went long. Profitable investing to all you SIM longs. Hang in there. The steel story is not over yet.

9.21+0.12(+1.32%)Aug 30 4:00 PMEDT