Mermaid Marine Australia Limited provides diversified marine services. The Company operates mainly in the Dampier and North West Shelf in
Western Australia and also in the Northern Territory. Mermaid operates crew vessel charters, vessel manning, management and logistics along with operating supply base facilities.
MRM has been in freefall since early September when it topped out around $2.40.
The stock was sold off in line with the market rout that month, but crucially failed to participate in the October rebound.
This indicates underlying weakness in the share price, and with the three EMAs crossed lower the bearish momentum appears strong enough to drive further price declines.
The price action collapsed through a key support level around $1.95 last month, only to then rotate higher and confirm this level as new resistance.
MRM has turned down once more and is threatening to break below the next support level at $1.78.