From technical point of view on Semb. Mar. counter;
1) The price meet Fibo. retracement at 38.2% support level in this downtrend. The price had tested this level twice @ $4 on wednesday & thursday. Eventhough friday opened at deep far lower price below $4 but finally a strong support had pushed the price closing to intraday high at $4.09. 38.2% Fib. retracement still the stringest support at this moment.
2) Friday’s low opening & high closing had successfully engulfed the prices of day before. Engulfing bullish formation indicates another strong support on price reversal where increase the probability of the price to continue going up.
3) Crossing up of KD lines in oversold region adding another prove where Semb Marine is potentially for a price hike or reversal in near-term.
4) By answering MR. “DIGITALMAN” question: “Is there good future for this counter??? What is the target price on medium term???”
Our Reply: Conclude from technical point of view above, yes, Semb Marine do have a good future for price reversal in near-term. The first target price would be $4.20 and 2nd target is $4.50.
