Marco Polo’s prices have embarked on an uptrend. Based on the chart pattern, a break above 2.4 cents indicates a potential, possible target of 4.8 cents. The uptrend is likely to be supported by expanding volume, and a turnaround in long term indicators. Improvements in the company’s financial performance are likely to underpin the stock’s technical outlook. In 1HFY2021, for the six months to March 31, 2020, Marco Polo Marine its Ebitda had tripled, and the company had turned in a profit. In addition, 20% of the ship charterer’s fleet is now being deployed in the renewable and sustainable energy sectors.
Sembcorp Industries’ share price - now at $2.16 - bounced off its 50-day moving average at $2.09 on June 17. At the same time, short term indicators have bounced their equilibrium lines suggesting the likelihood of an upmove. Resistance/ breakout stays at the twice-tested $2.21 level. Volume expanded on June 18, but will need to continuously expand if a successful break above $2.21 is to materialise. In this event, an upside of $2.52 is indicated.
