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The lower highs on the CMF suggest a weakening of smart money flow into the stock. The MACD, however, shows a strong positive momentum with a higher high in the process of forming.
Candlestick analysis gives cause for caution as two dojis and a black candle were formed in the last three sessions. However, the much higher volume as price pushed higher compared to the much reduced volume in the black candle day suggests a lack of sellers' conviction.
CMF shows higher lows on the weekly chart. This suggests that there is less money moving out of the stock in the longer term. MACD has turned positive and MACD histogram has formed a higher high, In the event of a retracement, support is at 38c while a stronger support is at 36.5c.
To me, it is quite clear that Marco Polo remains a longer term buy on weakness.
Related post:
Marco Polo: A neglected gem.
For those who prefer e-books:
Technical Analysis For Dummies
Bloggy Award
2 comments:
Hi AK,
You really have good blog and updated. I came across Sunday Time Invest column came across a successful story of a remisier this strike me when this kind of news came out the market going o head down soon but another column highlighted on stocks with PTB and good dividend some of the stocks Like Memtech are in the top lists.
Hi Tom,
Thanks for the compliments. :)
As for whether the market is going up or down, the only person who has the answer is Mr. Market. ;)
I would just do what I have been doing all along and trust my own analyses, sticking to my plan. :)
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