Otto Marine has just cleared the immediate 0.065 resistance level today on pretty reasonable Volume. Yesterday we have seen it cleared the psychological 0.06 level and surge higher. As long as 0.065 holds as new support level now, we are short term bullish with upside to 0.07 then 0.074 first. Upward momentum seems like still strong so possible to ride the uptick in the short term. HUGE BUYERS GRABBED the 0.065 resistance just now.
Stop loss at 0.063
Phillip – 6 September 2013
Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, is pleased to announce that the Group has signed a Memorandum of Understanding (“MOU”) for the newbuilding of 5 cement carriers. The 5 cement carriers have capacities in the range of 7,500 deadweight tonnes (“DWT”) to 15,000 DWT. Conversion works will be carried out in Otto Marine’s shipyard in Batam. Apart from the firm orders, there is also potential for the Group to secure contracts for the conversion of 2 additional bulk carriers into cement carriers, and a further order for a 3,500bhp Ocean Towing Tug from the same Indonesian customer. (Closing price: 0.048, +4.35%)
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