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Otto Marine

OTTO Marine

Downtrend using counter trend strategy
Entry 35.5c S 34c P 40c, 42c

Resting at strong classical support. Long tail signify strong support reduced the bearishness. MACD line and histogram divergence, Stochastic divergence.

If it bounce off from here and break the resistance, a double bottom might be formed giving this trade a 48% profit. If not, you can sell at immediate resistance with 18% returns.

However as it is a counter trend strategy, there is more risk involved. Keep your stop loss in place and risk will be capped.

Vested interest. Disclaimer applies.

Articles from NextInsight: 6aug10 28Jun10

2010Sep-OTTO MARINE LIMITED-dbl bottom

Possible double bottom in the making

Categories: Otto Marine Tags: ,
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  1. September 20, 2010 at 9:50 pm

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