DRYS is right at a very strong support/resistance level here at 93.36, and smack dab in the middle of it's trading channel. I predicted on Friday that it would stay in the 92 to 95 range in order to give me the most pain, and keep up the indecision into next week, and it did.
CURRENT PRICE 93.8, at support, 93.36 ± 4.39, type triple+, strength 10
RESISTANCE ABOVE +13.3% at 106.3 ± 4.99, type double, strength 10 +34.2% at 125.9 ± 5.91, type single, strength 1
SUPPORT BELOW -12.6% at 81.97 ± 3.85, type triple, strength 9 -21.4% at 73.68 ± 3.46, type triple, strength 10 -29.3% at 66.35 ± 3.12, type single, strength 1 -34.5% at 61.47 ± 2.89, type triple, strength 10 -43.9% at 52.59 ± 2.47, type single, strength 8
Clicking on the link above really doesn't clear much up. The only thing that I see that makes me lean towards the downside is that the fund managers do have a penchant for driving stocks down to the 200 day moving average to get a great buy in before they run it back up. Maybe that's wishful thinking on my part, but I see a downside in DRYS immediate future, followed by a bounce off that 82 resistance which just happens to also be the 50 AND 200 day moving averages. Once it does, too the moon. :D
Who's that casting devious stares in my direction?
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