Analyzing the price chart for China Marine Food Group (NASDAQ:CMFO) has revealed a potential bullish harami candle pattern. Wednesday's real body is within Tuesday's body and may imply that traders and investors believe that the recent move lower is exhausted. A green candle today would confirm this trend reversal. Also, the narrower the green real body yesterday, the more reliable the harami. Yesterday, China Marine Food Group traded 201,000 shares vs. average volume of 87,000 shares per day. The company traded 89,000 shares on Tuesday.

China Marine Food Group Ltd., through subsidiaries, processes, distributes, and markets fresh fish and processed seafood products. The Company produces roasted squid, roasted file fish, roasted prawns, shredded roasted squid, smoked eel, frozen processed seafood products, and fresh cuttlefish, hairtail fish, butterfish, and squid.

In the past 52 weeks, China Marine Food Group share prices have been bracketed by a low of $1.99 and a high of $7.15 and are now at $2.02, 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.8% while the 50-day MA has declined 1.4%.

A 147.5% potential upside exists for China Marine Food Group, based on a current level of $2.02 and analysts' average consensus price target of $5.00. China Marine Food Group shares should first meet with resistance at the 50-day moving average (MA) of $2.72 and find additional resistance at the 200-day MA of $3.83.

Source:fnno