My stop got triggered on the 10th and I didnt re-enter. I suspect that GAP in trading is going to fill and there will be a better price to re-enter. I would look for support at the diagonal line forming the triangle or at the horizontal line at 6.43.
Probably just as well, did you see that article Bylo posted about shipping, brutal! There is a good reason the shippers are lagging this rally.
I could go into a long speech about news articles. The market knows more then the news so I listen to the market. Usually when news hits, it has been priced into the stock. The market knew the news already.
Sure it can rally with the rest of the market but why not buy tech instead, you get the same benefit from the weakness in the USD but without the default risk that comes with most of these shippers and Drys in particular. I was in Drys earlier this year in the $3s but then I found out what a sieve the company is and how the CEO will put his interests over those of the shareholder as needed.
Just trade with the tape...follow its move...it's above ma-200 now...bullish...now and the future is what we are looking for. Each day is unique and each move is uniques. We are in September and market is up. This year is unique and today is unique........
I wouldnt get involved with a stock unless I thought it had the potential of a 100% return. If price crosses the line, then you might just have a double from here. I would wait until it clears the black line though on volume and I would wait for a retest. As it is, it seems to be struggling over the line so I would wait. A piercing of the line followed by a re-test. I calculate that the line is right at the high of the day at 7.21.
There are better safer longs in my opinion, but good luck with it if you decide to take the trade. Just be wary of any time the company schedules any news.