I have traded this a few times in the past few months and as you pointed out $1.60 was a major barrier previously.
With an expected down market on Monday we may get some profit taking and this may drop it back below $1.60.
If it can hold $1.60 on Monday then ADZ would be a buy for sure, as the upside here if it does get re-rated is very good.
Cheers
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adsteam marine limited