Technical outlook – When it comes to making decisions to buy and hold investments, we believe one thing (in particular) is that the investors/traders ought to assess whether the technical outlook implicates or supports a potential buy signal.
Well, it just so happens that last Friday, Service Stream Limited (SSM) posted a Hammer Candlestick.
The Hammer candlestick pattern is one of the most common and easily identifiable reversal patterns in technical analysis. Hammer candlesticks form when shares fall from their opening prices due to selling pressure.
Although the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) oscillator are not fully married up to the bullish case, it is assessed however the bulls are in a prime position to take the challenge higher with a foreseeable target seen to $2.71.
Company Overview –Service Stream Limited (SSM) is a provider of essential network services to the telecommunications, energy and water industries. Service Stream operates out of more than 40 locations nationwide and maintains a workforce of around 1,800 employees and up to 3,500 active contractors. The company operates in three segments, namely Fixed Communications, Network Construction and Energy & Water. Former Names: Total Communications Infrastructure Limited (TCI), 09/01/2007.