With the BDI sinking amidst a worsening situation of overcapacity and economic malaise in Europe, the rally in Courage Marine's share price provided a chance for me to cut my long exposure with minimal losses.
We are also blessed to have an industry insider, Jason, amongst the regular readers of ASSI and if the evidence provided is anything to go by, the bleak situation for bulk carriers looks set to worsen.
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| Low: 662. |
Although Courage Marine entered the worsening state of affairs from a position of strength, it is unlikely to do better than the preceding year. In fact, for some, its very survival is in question.
With today's white candle formed on the back of higher volume, could we not see price going higher? We could, of course. 11c or even 12c could be tested next if the bullishness continues. I am already in the queue to sell.
Related post:
Courage Marine: BDI plunging.
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