SembMarine just announced a very positive news where they won a $661 Million contract today.
https://www.theedgesingapore.com/sembmarine-wins-661-mil-statoil-contract-build-fpso-hull-and-living-quarters
Personally, it's a very big contract and the stock should trend up but instead, it was selling on news where the sellers were constantly locking in profits. From the chart wise, there was also no signs of turning higher as I believe this good news had already ran ahead of the actual good news that was released earlier today. If this piece of news is a very good news, SembMarine should gap up instead of suffering selling today.
SembMarine is reaching the demand zone soon and I don't think it's wise to short anymore. I am not sure if I will go long but there are better counters in my watch list for rotation when the right timing, right market conditions arrived. For now, I would stay out.
Ronald K - Market Psychologist - A Stock Market Opportunist
