Recycling business SGM has rallied strongly over the last year but it still offered investors 3 opportunities to buy the stock into 15-20% corrections. The stocks clearly bullish, at this stage we see 2 likely swings over the coming months:
- Firstly MM is bullish looking for fresh highs above $18, or 8-10% higher.
- Secondly we can see this move failing short-term leading to another pullback towards $15.
Hence if we’re overweight SGM consideration would be given to fading a “pop” to the $18 area while the more obvious stance is buying a subsequent pullback towards $15 which is what our move will likely be.
MM is bullish SGM
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