DRYS is forming an ascending triangle. Waiting for the breakout.
The triangle is pretty large, if it pulls back to the bottom thats a 20 point drop in a $85 stock! I had some before, but sold out. I am waiting for a pullback or a breakout to jump back in.
One reason I don't expect a significant pullback is the Baltic Dry Index, on the other hand the market is due for one.
Friday, May 2, 2008
Thursday, May 1, 2008
I have been waiting forever for this to break out. This might be the real deal this time. It has resistance at 28. If it can close above this level tomorrow or early next week, then it should able to surpass its next resistance level at 30 and test the 33 resistance. The only bad thing about this break out is the low volume. But then again, low volume means that not all the buyers have come out yet and not all the shorts have been squeezed yet.