I understand your financial viewpoint, but I feel like you're missing out some other aspects that could, and have sent this upwards recently.
Yes SHIP isn't in great shape, but that drop earlier this year already flushed out many investors as it seems like it has found a bottom around .60 and has shown that it has good support in that area.
The financials you're basing your analysis off of are also based on the fact that the Baltic Dry Index was at a mere $300 in February. That is devastating for a shipping company where their revenue is heavily effected by how much their customers are paying. Now it's sits above $1200 which is nearly 4X the price they were struggling with in the last year.
I have not heard of any RS so if you have a link please post.
And lastly, I have already mentioned the bottom of .60 but that is really only the beginning when it comes to technical aspects. Tons of big moments have happened on the charts (which explains the ~60% gain that SHIP has seen in the last month ALONE). And here are still many more things to be excited about as the daily is only getting started imo.
I do see your side for sure, but despite there being many many garbage companies on the market, they still show great technical upside, and SHIP isn't nearly as bad as many others that do bounce because of technicals, such as DRYS like you mentioned haha. Which IS NOT COMPARABLE. Heck, even bankrupt stocks have seen some ridiculous reversals. So yeah, financials are important but not everything. A 60% gain has slipped by before people even started looking at financials.
