EGLE is one of the shipping stocks that I’ve been watching recently but regrettably did not take or post the setup earlier, as the stock is up over 11% today. However, I figured that the pattern is worth sharing as EGLE just broke out above this downtrend line (shown on this 4 hour chart) and could possibly offer an objective entry if it pulls back. If so, I’ve marked a few overhead resistance levels, more of a resistance zone really, which would be the logical first target area(s). I’ll just add this to the trade setups for now but I’ll keep an eye on it and post any updates if I see what appears to be an objective entry.
