Update on Mermaid Maritime 19 May 2008

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.

Mermaid Maritime

Yap asked me about Mermaid Maritime. From the chart looks like trading in a down channel. A breakout above the top trendline would be bullish. I would think that short term resistance would be 1.15 (high on 11 April 2008)

25 and 50 day moving average crossover is at 1.72 another resistance level.

Closing today is sitting on the 50 day moving average. RSI is overbought. Hard to say whether this will turn down or breakout. But those are the levels to watch.



Looking at possibility of trend change. The EMA/SMA crossover shows possibly a trend change that has just happened. Will have to see how this stock moves over the next few days.

Thanks to yap for highlighting this to me. I will watch this stock as well.