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Chemical Company May be Headed for a Meltdown

Sasol Ltd. (NYSE:SSL) – This chemical and integrated energy company mines coal in South Africa and natural gas in other African nations and Canada. The company also has assets in Iran, and there is a risk that sanctions may be imposed on the company by the United States and the U.N.

The company’s earnings have improved, but the stock is in a pronounced bear market with sellers on balance for over six months. Technically it is approaching a huge zone of potential overhead (i.e., sellers).

It is unlikely in the foreseeable future that SSL will break above its 200-day moving average at $50 and move significantly higher. Note the recent sell signal from the stochastic. Sell SSL at market.

Trade of the Day – Sasol Ltd. (NYSE:SSL)
Click to Enlarge

Trade of the Day Chart Key

 


Article printed from InvestorPlace Media, https://investorplace.com/2011/12/trade-of-the-day-sasol-ltd-nyse-ssl/.

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