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Sandvik ABSandvik ABSandvik AB

Sandvik AB

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Why I am shorting Sandvik [SAND] | Technical AnalysisFor you who would like to check the company out more in dept: www.home.sandvik §1 Fundamental blah blah §2 Position and forecast §3 Technical summary §1 Fundamental blah blah Sandvik is a Swedish company which is well diversified troughout the mechanical industry. They make things like: Ceramic metal cutting tools and tool holders Mining equipment CNC machines (computer controlled metal working machines - Computer numerical controll) Special alloys Induction heating elements (for heating special tool holders which require heating to change tools, hard to explain) I think sandvik is a great company, but at the price it's at today, I don't think big investors are going to look at buying more stocks, not only because of market fear (which there is undoubtedly a lot of)... But I also think most of the big investors are looking to exit their positions around this mark as it was the last high, and a very significant one at that. §2 Position and forecast My current position is short from - price is currently so it hasn't really moved since i put my short on. I think there is quite a big possibility that price will drop within the next week, if not it will likely consolidate until the market gains bullish momentum again. §3 Technical summary Bearish divergence on the RSI Price is at significant resistance Price met trend line resistance and resistance at and fell to previous support, until price breaks 182.50 level my stance will be bearish.
OMXSTO:SANDShort
by DonBboy