Mermaid Maritime had a nice run up to 0.205 recently but seems resisted by the trendlines we drew. It hit that upper trendline and started to retrace. We’re using the 10 days exponential moving average for this case, anyone wants to make a guess why?? Anyone wants to know why??
For now we feel that mermaid might need a rest. It is probably ranging from here to about 0.205.
It’s horizontal support is at 0.193 and if that breaks we might see it move to 0.19 then 0.183. If we’re shorting we would use Poems CFD and not do a naked short. Our stop loss will be 0.210 Do also take note of the risk in shorting a penny stock from our post sometime back. Do take a look ya.