I added to my long position in Marco Polo Marine as long term support was tested. Today, its share price touched a high of 35c before closing at 34.5c on the back of rather high volume. The positive divergence between the CMF and price action has played out. The MACD is rising in the negative territory and we could see price going higher and momentum going positive once more. A retest of 37c, the high of the double top, could happen.
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| Daily chart. |
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| Weekly chart. |
Fundamentally, Marco Polo Marine presented an impressive set of numbers:
All-time high net profit of S$21.3 million against consecutive 8 years of record high revenue at S$89.8 million and record high gross profit at S$29.2 million for FY2012.
Record gross profit and net profit attained with margins at enhanced levels of 32.5% and 23.8% for FY2012, representing increases of ...
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