NM (Navios Maritime Holdings Inc) offers an objective long entry here on the break of this downtrend line with a maximum suggested stop (for T2) on any move below 1.20. T1 is 1.72 with the current final target, T2, at 2.44 & the possibility of a third target around the 3.25 level, should the charts of both NM & the shipping sector continue to firm up.
NM daily April 19th
With the potential for additional price targets & above average gains, NM will be added as both a Long Swing Trade as well as a Long-term Trade idea. Keep in mind that NM is a low-price stock in a highly volatile sector (shipping). As such, downward adjustment to one’s position size is suggested as well as leaving room in one’s portfolio for additional trade ideas within the shipping sector, as per my recent comments on the shipping stocks.