TOPS is a shipping stock that is challenging dual resistance levels: both a 6 year downtrend line as well as the 60 month exponential moving average, which has contained all advances over the last 6 years as well. This is a high-risk trade for aggressive traders only. Due to the extremely high potential volatility in the shipping sector and the fact that TOPS is a thinly traded, low price stock, one should consider adjusting their position size to a fraction of their typical position size (maybe 1/4 or so). Entry criteria, suggested stop and price targets are listed on this weekly chart.
