Marine Harvest Group 25.02.2008

Today we take a quick look at MHG and see how the stock price has developed since last time we looked at the stock (19.02.2008). Last time we said that a resistance level was developed at 2.77 NOK and that we recommended a buy if the resistance level was broken. Since then we had a close exactly at 2.77 NOK once but with no successful breakout (a close above 2.77 NOK). Today there was a relatively big fall in the stock price for MHG and the stock price ended at 2.51 NOK. Next support level is to be found at 2.39 NOK. We also see that the lower support line in the rising RSI trend channel is broken which is a negative signal. We were optimistic to MHG last time we looked at the stock specially if the 2.77 NOK level was broken, and we recommended to buy if 2.77 NOK level was broken. This did not happen and we therefore recommend to wait a bit now if you want to buy the stock. Important resistance levels to look for the days to come is 2.58 NOK, 2.64 NOK, 2.69 NOK and 2.77 NOK with support level at 2.39 NOK.
www.mytraderscorner.com will continue its coverage of MHG and please contact if any comments or questions.

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