jeffyanzo
Short

Overbought GNK is time to Sell Short

NYSE:GNK   GENCO SHIPPING & TRADING LIMITED
I love using overbought and oversold analysis and patterns when scanning for moves. This is overbought.
RSI (not pictured) was up over 77 on the 1 day chart. Anything above 70 typically triggers an alarm for me. I'll be looking at a mark around $9.50 as a good "buy to close" price but obviously $8 a share is not out of our target range here.

Let's see if we can't box this win up in 15-20 days.
Trade active: 4 days later and here we are opening GNK at $9.76
This is a profit I am happy with, but will look to see how this Friday market treats the stock.

News came out yesterday that will impact the business in a negative light, so could be good to continue to trend down as more people sell off shares.
Trade closed: target reached: Reached $9.45 today on Sep. 23 and triggered a stop set at $9.50 and sold moments later when reached

Nice little 7 day trade at about half the time originally thought for roughly 14% ROI

Let me know if you are still in this trade and how it is working out for you!!!

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