Friday, October 11, 2013

******** Trading Buy: Mermaid. Share price 0.37. ( More upside potential seen)

Mermaid has been trading below the 0.36 resistance level for about 4 months only to convincingly break above today on high volume with a high at 0.38 touched. At this level, you can see that it has also just crossed above the 200 DAY (Long term MOVING AVERAGE) which can also signal a change to upward trend. Target to 0.40 then 0.42 in the near term. High set in May was 0.42 so we can potentially see it attempt to touch this level again. As long as 0.35 stays as new psychological support level which is also the 200 DAY MA support, bullish in the short term.
Stop loss at 0.34.
 

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