Seems like every major green day this stock has had is followed by a sea of red as bag holders jettison while price is up. Today was different, there was a significant sell volume paired with the buying. I'd like to see 2-3 days of green on this puppy to form a bull flag before going really long. I've been buying the pullbacks to the green EMA (20) and it's maintaining a nice growth pattern. Potential upside with this stock is huge. Tanker companies got hammered hard over the past year. I think the fact that these and energy stocks are seeing a rebound recently points to an optimistic year. Stay tuned.
I'm in 1000 shares at $2.50. The risk/reward was just too good looking at the daily chart not to bite. I'm targeting $5.50-$7 next week.
Flman352
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@NumbersAreFigures, is it just me, or is there a cup and handle on TOPS from oct-dec?
SLOPolarBear
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@significantDog39204, Resistance level. But yeah, same idea! Buying into the pullback/handle was a good opening position. Although, the handle retraced >50% the cup so not exactly the C&H Bill O'Neil would prescribe. More significant I think is the convergence of the moving averages followed by the breakout of the EMA (20) above the MA (50) and testing the MA (50) twice (support) before moving to higher highs. That's the kind of reassurance I like to see before buying a stock that's been slaughtered as much as this one. In fact, there's a beautiful & technically accurate C&H in this chart, can you see it? Cheers!