Marco Polo: Longer term buy on weakness.

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.

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Wilmar: Testing resistance with strong momentum.

Wilmar's momentum oscillators are firing away! They are strongly positive and the stock could go higher even though it has hit resistance provided by the 200d MA.

A correction in price would see strong support at $3.23 while immediate support is at $3.53.

Daily chart.

Weekly chart.

In the event that price action overcomes resistance, the immediate target is provided by the descending 50w MA and I would hazard a guess of $3.81. If that goes, then, it would be the 100w MA at $4.60 but I would be quite surprised if it should happen without at least a pull back in the next few weeks.

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