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NAT Long Trade Up 14% While Approaching Resistance

The NAT (Nordic American Tankers Ltd) Growth & Income Active Trade is currently trading about 13.7% above Friday's entry price of 11.51 while approaching decent resistance on the daily chart which comes in around the 13.25 area. While the weekly downtrend line (roughly 20% higher) remains the sole official target at this time, active traders might opt to book partial or full profits if/as NAT approaches the 13.25 level, possibly recycling back in on a pullback off the initial tag of that level. As of now, the weekly downtrend line (click here to view it in the previous post) remains the sole & final official price target for this trade.

NAT daily Feb 16th

NAT daily Feb 16th

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5 Comments

  1. whoops February 16, 2016 11:00 am at 11:00 am

    Nice call, I like that you have growth and income ideas. Hope you will have more of them!!

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  2. rsotc February 16, 2016 1:39 pm at 1:39 pm

    @whoops Thanks. I do plan on increasing the number Growth & Income Trade ideas going forward.

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  3. whoops February 17, 2016 11:09 am at 11:09 am

    NAT is still looking good and it blow thru 13.25 like a hot knife thru butter! What is the next resistance? Thanks

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  4. rsotc February 17, 2016 8:14 pm at 8:14 pm

    @whoops I was just trying to catch up on questions & comments that I might have missed with all of the increased activity lately & just came across your question. After re-reading my post, I just realized that my caffeine must not have kicked in at the time I posted that update. That R1 level, the same one posted on this chart & the previous daily chart, is positioned at (exactly) 13.76. Pardon my brain fart & delayed response.I should have stated that resistance level as 13.75, not 13.25.
    The near-vertical momentum in NAT carried it above, what I meant to state as the 13.75 level, during the trading session today, only the see the stock close back below that resistance level. I often refer to this as a momentum-fueled-overshoot (of resistance or support, during a sharp selloff). NAT was also rejected off the 200-day EMA today, which is the red line on the recent daily charts that were posted. The 200-day ema has done a decent job of support & resistance on NAT in recent years. To answer your question, the next resistance remains the primary downtrend line from the weekly chart (still approximately 20% above current levels).

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