Thursday, December 9, 2010

Will Dryships Continue Its Upward Move

The million $ question is will Dryships continue its upward move. Likely but not necessarily. Based on the Technical Analysis that I have circle above, it does not looks good.

As per the stochastic, the blue line already touch the red line and it looks like it is crossing over to below the red line.

As per the MACD, the red bar appears to show the weaknesses in Dryships.

As per the candlestick chart, the last few days pattern, if combine, is showing a shooting star pattern which is an indication of stock reversal or bearish sign.

Based on my believe, the near short term for this stock is bearish. However, there is a slight chances the stock might go against what I have predicted and bring this stock higher.

If I have money on hand, I will wait for this stock to show clearer picture first before jumping into this ship and get your hand burn.

Good luck!

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