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Bullish on Grupo Simec

Grupo Simec had a sharp decline from $18.48 to $3.21 in 2008 (A-B), a recovery rally to $8.90 (C) and then settled in a horizontal trading range mostly between $6 and $9 (dashed lines). The stock then had a breakout from this range (D), pulled back to its 40-week moving average (E) and now appears ready to resume the uptrend (F). Only a decline below $8.50 would be negative.

Point & Figure measurements provide targets of $12 and $14. The large trading range (dashed lines) supports higher targets.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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