Eagle Bulk Shipping Inc (EGLE)

[Realperson]

SmarTrend Watching for Rebound in Shares of Eagle Bulk Shipping After 3.21% Loss (EGLE)

Written on Fri, 06/25/2010 - 2:55am
By Chip Brian
Eagle Bulk Shipping (NASDAQ:EGLE) traded in a range yesterday that spanned from a low of $4.53 to a high of $4.65. Yesterday, the shares fell 3.21%, which took the trading range below the 3-day low of $4.57 on volume of 1.3 million shares.
Shares of Eagle Bulk Shipping are currently trading below their 50-day moving average (MA) of $5.03 and below their 200-day MA of $5.27. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Eagle Bulk Shipping and our subscribers were alerted to Sell on May 07, 2010 at $4.96. The stock has fallen 8.7% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $4.57 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Shipping & Marine Services industry.

http://www.mysmartrend.com/news-briefs/news-watch/smartrend-watching-rebound-shares-eagle-bulk-shipping-after-321-loss-egle