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Mermaid Maritime: A 22% gain last week caught.. then some profit taking seen. But is the upside really Over? Price 0.141.
Author: Trading Impossible | Joey Choy
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Just about 2 weeks back on 27 Dec 2019, we saw some really bullish actions in Mermaid Maritime with it attempting to push higher towards the 0.120 resistance..
This level was key as it had been trading below since Sept 2018, so any firm price actions above it can see the upside reversal take shape.
More importantly, there were also some signs of trend indicators pointing higher…
Pointing to a reversal from the downtrend seen since 2017 to FINALLY an upside reversal…
Hence, some upside targets were drawn.. (See what I mean below)
1st one to 0.120 which was where we were expecting some profit taking but more importantly,
Above that key level where we can really see price closing the gap upwards towards 0.150..
That is like a 22% upside gain…. This was before anything happened on 27 Dec 2019…
When the market opened last week on Monday,
THE MOVE came… It attempted to break this 0.120 as mentioned above..
A price alert that was set previously came and we were notified at around 0.122 where I looked at the chart again, see below..
Clients were also notified by WhatsApp Broadcast of this move as it happened. (see Whatapp message below)
Target was reiterated again as it happened and we capture that very moment at 0.122 in the chart.
It was indeed some bullish price actions where buyers started to just grab fast and volume was strong too…
And with prices indeed pushing higher towards 0.150 as per our target…
Up it went by 22% as per our target drawn before it stopped and some profit taking started happening…
Fast forward to today… wanted to do a quick technical analysis again…
From the updated chart below as of today, we have been consolidating from 0.135 to 0.15 for more than a week after the profit taking seen at 0.150…
But it seems buyers are still coming out to buy on dips near 0.135…
For now, uptrend still looks ok from trend indicators but we need to see more bullish price actions above 0.150 for the next phase to come..
Where target can be to 0.170 – 0.190 next as drawn below..
So far not yet as market has been weaker again over the past few days..
Well, it may attempt to test the 0.150 resistance level again and we shall see, this stock is definitely still in my watchlist fyi.
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