KUALA LUMPUR: OSK Research said although Sime Darby?s share price experienced rather strong rebound last week ended Sept 3, last week?s price action did not alter the stock?s bearish technical landscape.

?As is portrayed in the above daily chart, last week?s peak could the third connecting point for the stock?s downtrend line. Hence, unless this line is taken out, we would not be surprised to see Sime Darby?s share price start to retrace,? it said on Monday, Sept 6.

OSK Research said having said so, a very strong support has been constructed at the RM7.47 level, which is represented by a ?Triple Bottom? formation.

?For the next few weeks, we might see Sime Darby trade between the RM7.47 level and the downtrend line. Immediate resistance for the stock is now seen at the RM8.52 level, followed by the RM8.86 level. To the downside, there is initial support at the RM8.10 level, followed by the RM7.47 level,? it said.