On 19 June, I blogged about Marco Polo Marine's persistent insider buying activity. I initiated a long position and I have been updating that blog post in the comments section. The latest update happened yesterday.
Today, I added to my long position as its share price retraced to 34c a share.
Technically, we see the Bollinger Bands narrowing on the weekly chart. Expecting a big move in share price in the coming weeks. With the MACD forming higher lows on the weekly chart, momentum is improving as sentiments towards the company turned positive. The OBV bears this out as it shows accumulation taking place over the longer term.
Immediate support is at 33.5c while immediate resistance is at 35.5c a share.
Some might wonder why I look at the weekly chart here instead of the daily chart. I do this because I am interested in holding on to ......