From an e-mail newsletter I receive:
In today’s chart set-ups / news article, I am highlighting Nordic American Tankers Limited [NYSE: NAT] again and the fact it has been gaining bullish momentum technically all through October. I had alerted all of you VIP Members last week on NAT (on 10/10/19 in my Daily Watchlist newsletter) and since then it has performed a chart breakout. On Friday, it recorded gains of 7.55%, to close the week on a high note. I last covered this stock on 9th October 2019, when it was trading at $3.71. In the news article titled, Stocks to Watch: Nordic American Tankers (NAT) gains bullish momentum on strong freight business, I noted that, NAT was in a bull trend after closing higher for 5-consecutive sessions and on high volumes. I also pointed out that increased demand in the freight market was playing a role in the increased bullish sentiment.
A week later, NAT has held up to these bullish projections. Since I last covered it, NAT surged higher, and hit a high of $4.28, representing potential gains of 15.3%. Quite a decent gain in a short period, considering all the volatility in the markets, due to factors like the trade war between the U.S and China.
Below is the chart I had sent out to some of you VIP Members highlighting NAT last week, and to keep an eye on the technical breakout and close above the $3.73 range.
Below is the updated chart showing that NAT did breakout at the $3.73 range as I expected. I have also highlighted the new key support levels and breakout level technically moving forward on NAT.
From a look at the charts, bullish momentum remains strong in NAT. The stock gapped higher on Friday to close the day at $4.13. However, it was a volatile day, with the candle indicating a possible tie between bulls and bears. This could be an indicator that traders are beginning to take profits, after the huge rally that started in September. As such, there is the possibility of a correction in the short-term. Nonetheless, momentum remains bullish, as demand for freighters remains high.
Keep an eye on the 1st and 2nd key support ranges in the chart above. On the flip side, keep an eye on the next technical breakout range at $4.28 on NAT.
Nordic American Tankers Limited (NAT) currently has a market capitalization of around $586.336 million. The stock has an average trade volume of 2,304,200, but on Friday, volumes stood at 11.5 million, a positive indicator of growing trader interest.
Successful Trading is the art of minimizing long term risk and maximizing capital allocation.
Recent NAT News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/23/2024 08:15:59 PM
- Nordic American Tankers Ltd (NYSE: NAT) – 2024 Annual General Meeting of Shareholders (AGM) • GlobeNewswire Inc. • 09/23/2024 10:51:31 AM
- Nordic American Tankers Ltd (NYSE: NAT) – Shareholder/Investor conference Thursday September 12, 2024 • GlobeNewswire Inc. • 09/11/2024 09:49:49 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/03/2024 08:23:12 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Investor Conference September 12, 2024 • GlobeNewswire Inc. • 09/02/2024 12:57:50 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per June 30, 2024 – A dividend company with good prospects • GlobeNewswire Inc. • 08/29/2024 10:31:46 AM
- Nordic American Tankers Ltd (NYSE: NAT) – Fall on some stock exchanges • GlobeNewswire Inc. • 08/05/2024 01:09:53 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Non-Executive Vice Chairman of NAT, Alexander Hansson buys more shares • GlobeNewswire Inc. • 07/30/2024 02:17:27 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/30/2024 09:11:16 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Non-Executive Vice Chairman of NAT, Alexander Hansson buys more shares • GlobeNewswire Inc. • 05/30/2024 01:47:15 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per March 31, 2024 – Dividend is a top priority. • GlobeNewswire Inc. • 05/29/2024 12:09:52 PM
- US Index Futures Drop Amid Rising Treasury Yields and Inflation Concerns, Oil Prices Increase • IH Market News • 05/29/2024 11:28:38 AM
- Nordic American Tankers Ltd (NYSE: NAT) – 1Q 2024 Earnings Report • GlobeNewswire Inc. • 05/14/2024 01:45:33 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 04/04/2024 01:50:49 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 03/12/2024 01:57:22 PM
- Nordic American Tankers Ltd (NYSE: NAT) – A snapshot of the present market conditions • GlobeNewswire Inc. • 03/07/2024 02:08:12 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 03/04/2024 02:53:56 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/01/2024 10:09:14 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per December 31, 2023 – Dividend is up and solid prospects going forward • GlobeNewswire Inc. • 02/29/2024 10:23:30 AM
- Nordic American Tankers Ltd (NYSE: NAT) – Founder, Chairman & CEO outlines the international reach of the NAT operations • GlobeNewswire Inc. • 02/15/2024 02:39:35 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/02/2024 07:18:07 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Greetings for the Season • GlobeNewswire Inc. • 12/14/2023 11:50:26 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/30/2023 09:37:40 PM
- Correction: Nordic American Tankers Ltd (NYSE: NAT) – Board Member Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 11/30/2023 03:00:20 PM
- Nordic American Tankers Ltd (NYSE: NAT) – • GlobeNewswire Inc. • 11/30/2023 02:56:38 PM
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