Here are a couple of potential & unofficial trade setups that I posted in the trading room earlier today. These are both low-priced, very small (only $221m & $73m in market cap) shipping stocks which makes these very aggressive trade ideas. However, with above average risk or loss comes above average potential for gains so I figured that I’d pass these setups along for those interested.
NAO could backfill this gap on a convincing break and/or close above 1.30. The top of that gap (target) is around 2.00 which would account for a gain of over 50% if hit.
NNA (Navios Maritime Acquisition Corp) is another shipping low priced shipping stock setting up in a potential bullish pattern, a descending triangle pattern in this case. The stock is currently trading at major support & would trigger a long entry on a break above the pattern. Should price break below support before clearing the downtrend line, this pattern could morph into a bullish falling wedge.