duco1

Safe bunkers creating potential top

NYSE:SB   Safe Bulkers, Inc
Safe bunkers seems to be creating a top formation.
For a potential buy at least wait for a new bullish structure on support.

Reasoning:
Uptrend broken (black arrow)
Bearish divergence with the RSI (green arrows)
In the process of creating a lower high

However, we did create a W-formation after the drop, which is bullish . However, the right time to buy is on the retest of the neckline, completing the pattern. (See orange drawing).
IF support is found there, expect more bullish continuation.
If not we are potentially heading to the 0.5 or 0.618fib (green drawing).
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