Courage Marine: Triple bottom?

An old friend from University asked me out for dinner earlier this evening. We met up and he asked if there are any good penny stocks now to go long on.  Without hesitation, I asked him to look at Courage Marine.

Courage Marine has confirmed the long term support of 17.5c again and again.  Today, it broke resistance provided by the declining 20dMA at 18.5c.  This incidentally is a many times tested resistance level.  Closing at 19.5c, it is resisted by the declining 100dMA.  The way upwards might be difficult as three MAs have to be overcome.  Without an expansion in volume with any upward movement in price, it would be difficult to have a breakout.

However, in terms of chart pattern, Courage Marine might well be forming a triple bottom. If this reading is correct, the neckline is at 21.5c and the target is 25.5c.

I am currently vested in Courage Marine and might add to my position if it confirms that 18.5c is resistance turned support.  For anyone thinking of going long, 18.5c is a fair entry price.  The downside seems limited with the long term support at 17.5c.  The risk reward analysis provides an attractive proposition.

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

Charts in brief: 14 Jun 2010.

LMIR: Price continues to be resisted by the 50dMA at 47.5c. Volume was very low today and continues a picture of negative divergence between price and volume. As MFI rose gently higher, the OBV is flattish. This is not a bullish sign either.  Immediate support at 45.5c which approximates the position of the trendline support as well as the 20dMA.

AIMS AMP Capital Industrial REIT: A one lot buy up at closing prevented the formation of a gravestone doji. 21.5c has been established as the immediate support.  This REIT is still trading within a range and I would buy more if it trades closer to the support of the trading range at 20c.

CapitaMalls Asia:  Symmetrical triangle has yet to be resolved. Negative divergence between price and volume is glaring. MFI has been rising but OBV has been flattish. MACD is rising but is still in negative territory.  All these make the buy signal shown in MACD histogram suspicious.  $2.14 is the resistance to watch.

FSL Trust: I was wondering if this counter might form a bullish harami today.  Unfortunately, it's a gravestone doji. This counter is oversold.  In the event of a rebound, I see resistance at 39c and 44c.

Golden Agriculture: Nice up day.  We might see the price continue to rise tomorrow as there is respectable volume and price closed at the high of the day at 53c. Immediate support at 49c.  Immediate resistance at 55c.