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Castor Maritime
Ticker: NASDAQ: CTRM
Price: $0.262
Castor Maritime News
Castor Maritime Inc., a global shipping company specialising in the ownership of dry bulk vessels, has announced the receipt of a notification letter from the Nasdaq Stock Market (Nasdaq) granting the Company an additional 180-day extension, or until 28 June 2021, to regain compliance with Nasdaq’s minimum bid price requirement (the ‘Second Compliance Period’).
The Company can cure this deficiency if the closing bid price of its common shares is US$1.00 per share or higher for at least 10 consecutive business days during the Second Compliance Period. The Company intends to regain compliance with the minimum bid price requirement within the Second Compliance Period considering all available options, including a reverse stock split. During this time, the Company’s common shares will continue to be listed and traded on the Nasdaq Capital Market.
In addition, the Company has entered into a binding commitment letter with a European financial institution through which it expects to obtain financing of approximately US$15.0 million, secured by two of its dry bulk carriers. The Company expects the credit facility to have terms and conditions that are customary for financings of this size and type and to close within January 2021, subject to the negotiation and execution of definitive documentation.
Business Summary
Castor Maritime Inc. is a Cyprus-based company. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of bulk carrier vessels. It also aims to increase its fleet through acquisitions of new and modern vessels.
Price Performance
Relative Valuation
Technical Indicators
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 0.18.
The projected upper bound is: 0.32.
The projected lower bound is: 0.21.
The projected closing price is: 0.26.
Candlesticks
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 18 white candles and 32 black candles for a net of 14 black candles.
Momentum Indicators
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 47.8058. This is not an overbought or oversold reading. The last signal was a buy 11 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 67.94. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 2 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.
Rex Takasugi – TD Profile
CASTOR MARITIME closed up 0.076 at 0.262. Volume was 1,401% above average (trending) and Bollinger Bands were 113% wider than normal.
Open High Low Close Volume 0.187 0.276 0.187 0.262 288,568,544
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 0.19 0.16 0.34 Volatility: 321 182 146 Volume: 92,948,648 27,205,092 13,246,426
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
CASTOR MARITIME is currently 23.8% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect volume flowing into and out of CTRM.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on CTRM.O and have had this outlook for the last 29 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
