Shares & Derivatives
Marco Polo: Longer term buy on weakness.
By A Singaporean Stockmarket Investor (ASSI)  •  January 6, 2013
The lower highs on the CMF suggest a weakening of smart money flow into the stock. The MACD, however, shows a strong positive momentum with a higher high in the process of forming.
Candlestick analysis gives cause for caution as two dojis and a black candle were formed in the last three sessions. However, the much higher volume as price pushed higher compared to the much reduced volume in the black candle day suggests a lack of sellers' conviction.
CMF shows higher lows on the weekly chart. This suggests that there is less money moving out of the stock in the longer term. MACD has turned positive and MACD histogram has formed a higher high, In the event of a retracement, support is at 38c while a stronger support is at 36.5c. To me, it is quite clear that Marco Polo remains a longer term buy on weakness. Related ......
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By A Singaporean Stockmarket Investor (ASSI)
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