Oceanus

A counter which has been hotly discussed is Oceanus. Personally, I am not vested in this counter but the word "Oceanus" came up a few times when I went through the list of words put into the "search" function in my blog. So, this is a TA of Oceanus for anyone who might be interested.

On 30 Dec 2009, after forming a black spinning top with extremely long legs, usually a strong sign of a possible reversal, Oceanus' price has been sliding down in the last few sessions. The reversal sign was confirmed on 31 Dec 2009 by a sell signal on the MACD. Breaking the 61.8% Fibo line at 41c yesterday and closing below the line today suggest that more downside may follow. Next support level is provided by the 50% Fibo line at 39c which coincides with the rising 20dMA. Rising 50dMA and 100dMA limit further downside at 36c. The short term uptrend is drawn using the color army green and from this, we see that the uptrend is still intact.

However, with the MACD poised to do a bearish crossover, more downside is probable. The risk premium is not as high as it was in the last two trading days of 2009 but waiting for a pullback to stronger support levels might be prudent before accumulating.