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Potential Sell Entry Alert to Watch SM1
Time Frame : Daily/Weekly
Sector : Food, Beverage and Tobacco
Key Stats : $1.72 Billion Market Cap, VWAP 9.048, ASX Ranking 176, 4 Week Av Turnover $736,960, Current Turnover (Intraday as at time of alert) $274,221, PE 25.7.
Company Overview : Synlait Milk Limited (SM1) is a dairy processing company based in Canterbury, New Zealand. The company also sales its products in China, Rest of Asia, Middle east and Africa and Rest of world. The company manufactures and sales a range of milk powder and milk powder related products including infant and adult nutritional formulations, functional food ingredients, and specialised products.
Broker Consensus : Not covered by a major broker
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SM1 – Synlait Milk Limited
SM1 has been under pressure for a while and we expect to see further downside if bears have their way. The longer term charts are breaking down and a push down through the 8.50 zone will open up a move below 8.00. If markets continue to find pressure and uncertainty, we expect to see remaining holders give up and sell down their positions. Watching for a minor lower high to hold below 9.50 for the sell entry setup.
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Stock Code : SM1 – Synlait Milk Limited
Company Website : www.synlait.com
Current Price : 9.04
Status : On watch for potential lower high and push below 8.00
