Courage Marine: 1Q 2010 results.

Courage Marine presented its 1Q 2010 results today with the BDI at an auspicious number, 3,888! A happy coincidence! 

Quarter on quarter, operationally, its revenue improved 12.9% and gross profit margin improved from 19.1% to 27.8%.  Its balance sheet remains very strong as it retains a nett cash position.  Cash flow from operations in 1Q 2010 was US$5.3m.

Technically, Courage Marine's chart looks weak.  However, there is no obvious selling down of the stock.  This is confirmed by the OBV which is flat. MFI is in the oversold region and price is currently below all the daily MAs.  If the price action does not recapture supports, the malaise could continue and price could drift lower.

I have a list of companies and REITs which I would like to buy on any near term weakness in the next few months. Courage Marine is one of them.

Read press release here.

Related post:
Courage Marine: Riding the waves of recovery.

Charts in brief: 13 May 10.

CapitaMalls Asia:  MFI continues to rise from the oversold region.  MACD turned up towards the signal line. OBV has turned up. Things are looking up, it seems.  Then, we see the white candle with a long wick on top.  This is a weak white candle. Volume has expanded but not significantly so on an up day.

$2.12 remains a strong resistance as market participants remember this as the support that failed not so long ago on 4 May.  The descending 20dMA is, coincidentally, at $2.12 as well which adds to the downward pressure. 

I queued overnight to reduce exposure at 2 bids below resistance at $2.10, cutting losses in the process.  I am not confident that $2.12 could be taken out but if it does get taken out, the next resistance is at $2.19, the bottom of the base formation earlier in February.

Golden Agriculture: CPO's price declined again today, continuing its downtrend. For Golden Agriculture, it is quite obvious that 55.5c continues to be a formidable resistance. That the decline has halted is evident as the MACD has flattened. The OBV has flattened too.  Price seems to be moving sideways within a range for now. 53c to 55.5c is my observation.  The near term downtrend is still intact.

Hyflux Water Trust achieves DPU of 1.16 cents for 1Q
Thursday, 13 May 2010

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Related post:
Charts in brief: 12 May 10.