Potential Sell Alert SYR
Time Frame : Weekly
Sector : Materials/Basic Minerals
Key Stats : $838.76 Million Market Cap, VWAP 2.805, ASX Ranking 264
Company Overview : Syrah Resources Limited (SYR) is an Australia-based industrial minerals and technology company. Syrah is currently constructing the Balama graphite project in Mozambique. Balama production is targeted to supply traditional industrial graphite markets and emerging technology markets.
SYR – Syrah Resources Limited
Recent news has seen the price of SYR break down below 3.00 support as buyers run for cover. The recent price action has been weak from highs around 5.00 as investors are left with a bitter taste in their mouths. We now see the potential for a further move lower to the 2.20/2.25 support zone as stubborn sellers liquidate and call it a day. Price will have a lot of work build up confidence again into the price action so we are happy to watch this one for a while from the sidelines.
Stock Code : SYR – Syrah Resources Limited
Company Website : www.syrahresources.com.au
Current Price : 2.81
Status : On watch for lower highs and selling pressure to continue