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Marco Polo Marine: Accumulation mode.

Wednesday, September 26, 2012

On 19 June, I blogged about Marco Polo Marine's persistent insider buying activity. I initiated a long position and I have been updating that blog post in the comments section. The latest update happened yesterday.

Today, I added to my long position as its share price retraced to 34c a share.



Technically, we see the Bollinger Bands narrowing on the weekly chart. Expecting a big move in share price in the coming weeks. With the MACD forming higher lows on the weekly chart, momentum is improving as sentiments towards the company turned positive. The OBV bears this out as it shows accumulation taking place over the longer term.

Immediate support is at 33.5c while immediate resistance is at 35.5c a share.

Some might wonder why I look at the weekly chart here instead of the daily chart. I do this because I am interested in holding on to my investment in Marco Polo Marine for a longer period of time and the weekly chart shows me the longer term probabilities.

I would buy more on further weakness in its share price, everything remaining constant.

Related post:
Marco Polo Marine: Persistent insider buying.

6 comments:

OneMillion said...

Hi AK47,

I have been watching this stock for quite some time. From what I understand, it's 49% stake in BBR is because of the cabotage rule in Indonesia which prevents foreign competition, which is a good thing. Also, the family behind MPM, the Latip family, has a very strong financial backing.

I guess listing of BBR has just been confirmed. See below:

Marco Polo Marine said its 49% owned associate company, PT Pelayaran Nasional Bina Buana Raya Tbk, has registered for an initial public offering of shares on the Indonesia Stock Exchange. The registration was made to the Indonesian Capital Market and Financial Institutions Supervisory Agency on Sept 27, the key authority in Indonesia that reviews such registration.

Will start accumulating this stock tomorrow if prices stay at $0.35 or below.

Cheers!

AK71 said...

Hi OneMillion,

I guess I am lucky I looked at Marco Polo Marine when I did a few months ago.

Marco Polo Marine's share price gapped up today, leap frogging over its immediate resistance. :)

caleb Khoo said...

Hi guys, what is a good price to q for this counter now?

pie

pie said...

Hi guys, what is a good price to enter now? As what AK71 has mentioned, the current price has broke the resistance.

Also I guess will need to hold this stock for some time.what is the target holding period?

AK71 said...

Hi pie,

Technically, we want to buy at supports. A resistance that has been overcome could become the new support. ;)

Holding period? I wish I knew. If I were to hazard a guess, the stock could be revalued upwards as early as year end when its 49% owned associate company is listed in Indonesia.

AK71 said...

Small-to-mid-cap offshore & marine and oil & gas stocks could continue strong outperformance against their big-cap peers as investors rotate amid attractive valuations, DMG & Partners says.

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