SBLK Falling Wedge Pattern, Shipping Stocks Rallying

SBLK daily July 17th

SBLK daily July 17th

Several of the shippers (such as NM, SBLK, DRYS, DSX, et al.) have started to catch a bid lately. SBLK (Start Bulk Carriers Corp) could run if it manages a solid break above this falling wedge pattern.

I'm not adding SBLK as an official trade idea at this time although I figured that it was worth passing along, especially for momentum traders looking to ride the current bid in the shippers. Despite the strong advance in the broad markets over the last few days & GOOG's boost to the Nasdaq today, I'm still being very selective on adding new long exposure as I'm just not comfortable with the mixed bag of technicals right now (short-term bullish price action against several intermediate & longer-term bearish developments).

2017-03-08T21:20:22+00:00 Jul 17, 2015 10:28am|Categories: Uncategorized|Tags: |Comments Off on SBLK Falling Wedge Pattern, Shipping Stocks Rallying