***broker heading for $1.20

MARKET TALK: Smorgon Looks Headed For A$1.20 - Charts 22/02/06 15:29:00

1529 [Dow Jones] TECHNICAL ANALYSIS: Smorgon Steel (SSX.AU) down 18.2% at
6-month low of A$1.28 on disappointing 2H outlook. Looks headed for A$1.20 after
breaking major support levels at A$1.40 and A$1.30 says Dow Jones technical
analyst Dave Rogers. Last September's failure near the Feb 2002 peak at A$1.72
was a bearish sign. Stock could stay weak for the next 12 months before finding
support from the tentative monthly uptrend line, now at A$1.13. Strong
resistance now likely at A$1.40, with A$1.30 also likely to turn into resistance
soon. (DWR)

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(END) Dow Jones Newswires
22-02-06 0429GMT
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