DRYS Chart – April 1, 2009
DryShips Inc is part of the shipping sector in the Services industry. It is highly volatile and affected by the Baltic Dry Index which tracks dry bulk shipping rates. I charted DRYS pre-market on April 1, 2009
- DRYS had a bullish crossover two weeks ago with its 10 and 20 day moving averages
- DRYS has used its 10 day moving average for support for the past week
- DRYS is at the bottom of its trend line and holding support at its line of higher lows
- Resistance came from USO’s 50 day moving average a few days ago – that same line is due to come back into play and force a break of the trend line or the moving averages
Opinion = Wait to see which line wins, the 10 day and the trend line of higher lows versus the 50 day moving average. Upside potential is greater than downside risk.
I'll take requests for stocks and ETFs to chart too. You can reach me at alex [AT] chart-analysis.com. DISCLAIMER: Charts found on these pages are my opinions and I take no responsibility for any losses you may incur if you agree with my charts. Although I am a Registered Investment Advisor Representative, the content contained on this site is not personal advise. Consult your own financial advisor or do your own research before trading or investing in any of these securities.
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[...] DRYS Chart – Support held and as I predicted the easiest path was up. DRYS then fell back to just below or even with its 50 day moving average, so I called it right, but can’t call what’s next for DRYS yet. [...]