Monday, May 12, 2014

****************** Otto Marine: More downside possible, becareful your Long positions.....

Otto Marine has traded lower gradually since Jan this year from a high of 0.100. Has formed a Bearish Descending triangle pattern through lower higher since Jan with horizontal support at 0.075. Today we have seen this critical 0.075 support broken on TOP 5 Volume. Currently at 0.072… more downside can be possible if the 0.070 psychological support goes too, to 0.064 then 0.055. Watch your long position. As long as 0.075 is a new resistance, we are bearish. Those looking to accumulate on dips can consider doing so from the 0.055 region if it does reach there.


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