Mermaid closed at the 38.2% fibonacci retracement level. It does look like it had formed a cup bottom.
25 and 50 day moving averages are pointing up and crossed over at 0.99 (support level)
Possible to go up to 1.75? (61.8% fibonacci retracement level)
Looks like shipping stocks are doing well. That is until the BDI starts to correct. But doesn't look like it is going to be anytime soon going by the strong demand for commodities.
Futhermore a drop in oil prices will only improve sentiment for shipping stocks.
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