Monday, 11 November 2013

HG METAL - POSITIVE MOMENTUM IN GLOBAL STEEL STOCK SPARK RALLIES

Ever since Goldman Sachs upgrade on the Steelmakers outlook, shares of AK STEEL and UNITED STATES STEEL has seen its stock prices rocketing to a new 52 high every week.

(http://www.marketwatch.com/story/steelmakers-surge-on-goldman-upgrade-of-sector-2013-11-04)

 
In Singapore, we noticed HG METAL that it have lagged the global STEEL rally seen in an increased demand versus low supply outlook. We liked HG METAL given its exposure in South East Asia. The stock look ripe for a rally this week as HG METAL has hit its resistance of 9cents. This could be an strong indication that the stock may rocket up towards the 52 weeks of 11.9cents during 1ST March 2013.




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