TNK is a shipping stock that I’ve been tracking as a potential long trade and technically, the stock has just recently broken out on the daily time frame and could be taken here.  However, I have my concerns about chasing longs here, especially higher risk stocks such as the low-priced (low quality) shipping stocks, such as TNK and several others that I’ve recent posted (reference those posts for the suggested reduced position sizing on these shipping stocks).

However, if I had a nickle for every long trade that I passed on lately that went on for huge gains I’d be rich (or at least have a lot of nickles).  Therefore, I will continue to post both long and short setups and let each of you determine which trades you take or pass on.  Although I might take this trade soon, my preference is to wait for a close or very solid intra-week move above the weekly downtrend line, preferable on above average volume.  Therefore, I will categorize TNK only as a Long Setup right now with an official entry TBD. Daily & weekly charts below.