As a reminder, we are continuing to monitor SHIP.
Following our alert yesterday SHIP traded as high as 0.80, however was pulled down lower along with the market, ending the day at 0.725.
As a reminder, we are continuing to monitor for a breakout above and sustaining of the 20 day moving average, currently at 0.76. This would indicate a potentially very positive indicator suggestive of increased upside potential.
Keep a close watch and as always continue to follow your trading rules.
The dry bulk shipping industry has experienced its fair share of turmoil in the past few years.
However, it is our belief that this has created a potentially incredible undervalued opportunity.
Recently we alerted a new short-term trade idea, SHIP, following which many readers were able to make significant gains.
However, since then the company has retraced, unable to hold its 20 and 50 day moving averages following what appeared to be phenomenal company news.
It is our opinion that the weight of the industry as a whole has been plaguing individual shipping stocks.
We couldn’t help but ask ourselves this question: is it time to be a contrarian trader/investor?
As a reminder, when short-term sentiment changes within the dry bulk shipping industry, this is often followed by extraordinary volatility, frankly unlike any other industry we have seen.
The last time SHIP broke above its 20 and 50 day moving averages on November 14th, it rallied from 2.20 to a high of 8.65 in 2 days for upside of 293%.
While past is not prologue, judging by the short-term technicals, it appears that there is a significant opportunity for upside in SHIP.
Trade Idea: Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
- SHIP has recently hit a low of 0.60 and has thus far confirmed this as a potential new area of support throughout the past week, rallying to yesterday’s close of 0.685.
- SHIP has a 20 day moving average of 0.768, upside potential of 12% from yesterday’s close.
- In the event that SHIP is able to surpass above the 20 day moving average and sustain it, the 50 day moving average of 0.829 presents compelling upside opportunity of 21% from yesterday’s close.
- SHIP has what appears to be a significantly undervalued RSI of 36 on the daily chart, suggestive of upside opportunity.
- SHIP has released a number of breaking developments in the past weeks and may be currently undervalued.
If you are not familiar with my trading guidelines, please read them below. These trading guidelines are designed to give you a starting point to develop your own personal trading philosophy and approach.
Since every traders/investors circumstance is different, make sure you create a personalized approach that works for you and always consult a financial adviser (not me).
Ultimate Stock Alerts
Trading Rules [Please Review Before Taking Any Action]:
- Do not invest more than you are willing to lose. No one likes to consider the worst case, but it’s always a risk that exists. Rule of thumb – if you cannot sleep at night as a consequence of your investment, then you have over invested.
- Keep calm. Do not chase. Decide for yourself if you like the trade. If you are not comfortable with the perceived risks, stay out. Timelines are to be decided by you. Approach methodically, and seek technical confirmation for direction. Always trade with a strategy in mind.
- Never use market orders. Only use buy and sell limit orders. Protecting your investment is more important than missing gains. Use “trailing stop %” or “trailing stop limit” orders. Personally I prefer mental stops while actively managing trades rather than entering your stop into your brokerage account.
- Cut losses quickly when day/swing trading. It’s better to acknowledge being wrong than to have false hope. Sometimes you will be wrong in doing so, often times it will save you. It all depends on your entry.
- Actively manage all your investments & trade during market hours only. Trading during pre/post market hours carries greater volatility/risk.
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