A few important things to get through here. Note yesterday she failed to break out of the SP and RSI wedge. $6.80's are an important hold. Then we need to break the bus lane which is around $10 with resistance at MA50 on the daily.
Note that TOPS is trading within a symmetrical triangle. We opened today in the 1.90's and filled the gap back down to 1.71. Gap from 10/26 at 1.65 has been filled. I don't think it will go below 1.50 because of the offering. The end of the symmetrical wedge is 12/13, which is around when I think the 50MA and 200MA will re-connect for the bullish cross.
Also...
Ok, lots going on here on my messy end. From bottom to top:
1. RSI trend line from 8/15 is still intact. Needs to bounce off 38-40ish to keep the trend intact. RSI currently at about 45. Wedge ends 10/5ish so I expect the next big move to be around then?
2. Accumulation/Distribution line, while improving, still shows significant divergence from the SP. Note...
1 move will be worth about 10% so be very careful on this. This will go down to infinity and it has a lot of short sellers. If you short this, you might be at risk of losing more than 1k% or more.
DON"T GO IN WITHOUT A STOP.
Based off technical's this looks pretty bearish. Considering the fact they just had an RS. Needs more uptrend to reverse course.
If you're a short, this stock would be for you!
Top Ships Inc is a Greece-based international provider of worldwide oil, petroleum products and chemicals transportation services. The Company owns and operates eco medium range (MR) tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. The Company’s fleet consists of: chartered-in product/chemical tankers vessels of approximately 50,000 deadweight tonnage (dwt), namely M/T Stenaweco Energy and M/T Stenaweco Evolution; product/chemical tankers vessels of approximately 39,000 dwt, namely M/T Eco Fleet and M/T Eco Revolution, as well as product/chemical tankers of approximately 50,000 dwt, namely M/T Stenaweco Excellence, M/T Nord Valiant, M/T Stenaweco Elegance and M/T Eco Palm Desert. The Company also has ownership interests in product/chemical tankers of approximately 50,000 dwt, namely M/T Eco Holmby Hills and M/T Eco Palm Springs.
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TOPS
