Defying pattens, taking a long with a tight stop loss
The price pattern since May can be seen as a bear flag or a potential bearish ascending triangle wave pattern. The RSI not giving any indications either. In addition, the market 'may' be on verge of big correction and this is not a very strongly performing ticker.
However the price is at 200 SMA and there is likelihood of shipping sector having bottomed. From general reading on Seeking Alpha, I believe this is one of the most promising companies in the Deep Sea transportation group. The first target is to fill the long term channel. I do see this as long term hold though.
If stop loss is triggered, may take another position ~2 looking for a double bottom.
However the price is at 200 SMA and there is likelihood of shipping sector having bottomed. From general reading on Seeking Alpha, I believe this is one of the most promising companies in the Deep Sea transportation group. The first target is to fill the long term channel. I do see this as long term hold though.
If stop loss is triggered, may take another position ~2 looking for a double bottom.
Trade closed: stop reached:
Going nowhere!