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.

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.