Following up from yesterday’s post Mermaid took a dive this morning and to a low of 0.187. Once again we like to remind everyone that we like it slow and steady. =) So it’s a bonus that it went down abit more today. For now, mermaid is being supported by the 10 days exponential moving average which has been guiding mermaid. If it closes behind that in the next few days we could see mermaid hitting our target of 0.183. We can shift our trailing stop to 0.19 now.
There was an increased in volume today and it hit our middle trendline and recovered slightly. So let’s watch and see how it performs the next few days.