Monday, May 11, 2009 8:07:14 PM
DRYS: Evil, evil, evil numbers!
Okay, call me crazy, but here is a contrarian opinion: DRYZ is coming back up.
What? you say.
For one, consider the after-hour trades so far (6:57 Central) - Trading just a slight higher, but in the increase, nonetheless (okay, weak, but read on):
Last: $ 6.81 After Hours
High: $ 6.9016
After Hours
Volume: 472,601 After Hours
Low: $ 6.75
For second, a review of the 60-minute chart indicates that although the price plummeted recently from HIGH of 11.48 just a few trading sessions ago, down to 6.79 CLOSE today, the low reached today (6.66, the "evil number I was jokingly referring to above - Just to catch your attention, really), also corresponds to the significant Fib support of 61.8%.
Is that all?
Nope.
A speculative price channel in the same 60-minute chart gets validates that several parallels. But most importantly, price low seems to reproduce a similar pre-rally pattern as the one from early APR 09.
Added to these significant events are pincher formation, steep positive divergence ... et voila.
Please, somebody calls me crazy.
D.
Okay, call me crazy, but here is a contrarian opinion: DRYZ is coming back up.
What? you say.
For one, consider the after-hour trades so far (6:57 Central) - Trading just a slight higher, but in the increase, nonetheless (okay, weak, but read on):
Last: $ 6.81 After Hours
High: $ 6.9016
After Hours
Volume: 472,601 After Hours
Low: $ 6.75
For second, a review of the 60-minute chart indicates that although the price plummeted recently from HIGH of 11.48 just a few trading sessions ago, down to 6.79 CLOSE today, the low reached today (6.66, the "evil number I was jokingly referring to above - Just to catch your attention, really), also corresponds to the significant Fib support of 61.8%.
Is that all?
Nope.
A speculative price channel in the same 60-minute chart gets validates that several parallels. But most importantly, price low seems to reproduce a similar pre-rally pattern as the one from early APR 09.
Added to these significant events are pincher formation, steep positive divergence ... et voila.
Please, somebody calls me crazy.
D.
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