Great Eastern Shipping - Potential breakout candidate
With freight rates around the world being up along with crude prices being up..this company has a lot of tailwinds..
The stock has broken out of its downward trend and now is making higher highs and higher lows.
The stock will have a fresh breakout above 340.
As markets are volatile we'd start with a smaller buy around 345 SL 330 and if the stock continues to move upwards another buy around 355..and shift SL to 338 or cost if markets become even more volatile. (There is a resistance around ~ 370 but once the stock comes to that level we'd shift SL to cost for sure)
If freight rates continue the way they are..this stock could go as far as 440.
The stock has broken out of its downward trend and now is making higher highs and higher lows.
The stock will have a fresh breakout above 340.
As markets are volatile we'd start with a smaller buy around 345 SL 330 and if the stock continues to move upwards another buy around 355..and shift SL to 338 or cost if markets become even more volatile. (There is a resistance around ~ 370 but once the stock comes to that level we'd shift SL to cost for sure)
If freight rates continue the way they are..this stock could go as far as 440.