Fundamentals: STNG is a crude product tanker operating mostly on spot rates. Demand for crude products remains resilient in the ST due to strong refinery activity coupled with a slowing growth of shipping tanker supply moving into 2017.
Technically, stock looks ready to breakout to low 7's as per the chart. Movement supported by many key levels.
We only trade...
-Today's plunge not surprising
-Key support levels still hold
-Ichimoku is neutral as of now
-Despite EIA report today, fundamentally I'm still bullish up to the $50 mark
-Look for long position around $43.15 level
Regardless of what the markets think the FED might do, raise rates or not, QE4 or not.
Removing the FX element in our analysis show us that even the NASDAQ is trading below Ichimoku.
Tight stops, a strong stomach and patience. It's not that different this time.
This week is a good time for a cheeky short.
TP highlighted by red Elipse.
Correction has been oversold for now.
Buy small pullbacks to previous support levels and then stay patient and see what the price action tells us.
Further short opportunities ahead.