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Otto Marine finally moving

Next few days will be very crucial if the downtrend line can be broken. Today the sentiment is very good with last hour of continuous buy up. Think 35.5c will hold as a support and also confirmed as a major support! Whew. But I will still put my stop loss at 34c if needed as it is still a downtrend so risk is definitely much higher playing counter trend.

My confidence is strengthened with the candlestick telling me the stories. The recent one black candle with tail telling me bear has problem pushing counter down and confirm 35.5c as support. The next few candles are doji telling me bear is almost giving up the battle with the bull. Today candle is a pivot telling us bull is trying to take over from the bear.

My profit target will be the recent high and I may add more position if 37-37.5c is reached using the Guppy grow up method. To reduce my risk, I will continue to build position in this counter if needed and selling stocks that is in the red.

Of cos this counter is not without scare as 1000 lots is sell down at 35.5c which I think he/she will be heart broken if 37.5 cents is broken to confirm the downtrend has ended. Well all this have still not happened so let the counter tell us the story. Overconfidence will only kill us! Do read the previous post on Otto.

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  1. September 21, 2010 at 12:23 pm

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