Trade Ideas: DRYS, DSX, EGLE, NMM

The sell-off in Eagle Bulk Shipping Inc. (NASDAQ:EGLE) has stalled. The short-term trend is down, but this is a good spot to speculate on an oversold bounce. The stock has recovered from its its 52-week low of $2.51 hit on Monday and closed yesterday at $2.67. The current rally should at least push the stock to $2.80 per share where the major resistance is. EGLE needs to close above this level to indicate a continuation of the rally. If this rally fails, there’s a new downside risk. Shareholders may remain invested with a stop-loss at $2.51.

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DryShips Inc. (NASDAQ:DRYS) spiked to $3.80 this morning but the rally ran out of steam and shares closed below it. The technical indicators continue to look weak. The MACD is in negative zone and below the signal line.The RSI and slow stochastic are in their oversold zones. The ROC is in the negative zone as well. The stock price needs to rally above $3.92 before fresh investments can be made in this stock.

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Navios Maritime Partners L.P. (NYSE:NMM) is still sinking. I’m still okay with NMM as a bearish candidate. The stock under performed the market on Wednesday and remains under the Tuesday highs. If the stock closes above $19.4 then we’ll probably drop it as a bearish candidate. If that happens we can watch it for a bullish breakout over resistance at $19.83. The technical indicators are all bearish. The MACD is in negative territory and below the signal line. The ROC is in the negative zone and RSI is moving sideways below the 50% level. At this point, the only hope for the bulls is possible support from the 200 day EMA.

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Diana Shipping Inc. (NYSE:DSX) rallied toward resistance near $11.53 again but not before dipping to $11.20 this morning. This stock is holding up nicely above the key support of $11.15 in this weak market environment. It has a good base which can be used as a stop loss for long position. On the upper side, the move is likely to accelerate above $11.59. Short-term investors can hold the stock as long as it trades above $11.

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Disclaimer: This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.
About Antonio Costa 325 Articles

Antonio Costa is a 35 year old part-time trader who trade stocks in the US market.

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