Oceanus: Forming a Falling Wedge

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Oceanus is forming a Falling Wedge or a potential Descending Triangle.

  • Immediate support is at $0.317 which is a 61.8% Fibonacci Retracement Level.
  • Immdiate resistance is at about $0.35 which is the wedge resistance or 200D MA resistance.

No clear direction until breakout.

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Oceanus: Moving Sideway

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Oceanus is moving sideway for the time being until a clearer direction. If Oceanus moves below $0.32, the Head and Shoulders pattern is still valid with a price target of $0.18.  Oceanus has to move above $0.35 (200D MA resistance) to start up trend.  This $0.32 level is significant because it is 61.8% Fibonacci Retracement Level. This level is a good support level if Oceanus starts an uptrend.

For long term investment, current level can be considered a good entry level as fundamentally Oceanue financial (base on FY2009 Financial)  is good:

  • PE = 8.5 (base on FY2009 EPS of $0.03786)
  • ROA = 16.0
  • ROE = 22.3
  • Net Margin = 94%
  • Current Ratio = 5.4

Draw back for this stock:

  • No Dividend
  • Not liquid
  • Stock has been traded between 0.32 to $0.41 for the past 12 months. Your money will get stucked if you enter at the wrong price.
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Oceanus – At the Neckline Now!

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Oceanus is currently just sitting on top of the neckline of a Head and Shoulders pattern. This neckline also coincides with 61.8% Fibonacci Retracement Level. Oceanus came back recently to test this neckline. This $0.317 will turn from support to resistance if it cannot be broken. Price target for this Head and Shoulders chart pattern formation is about $0.18.

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