Eagle Bulk Shipping Inc (EGLE)

[temp luvs amy]

As per your request, I will take a look at how I see the technicals shaping up here.

http://stockcharts.com/freecharts/gallery.html?EGLE

Again, I would warn that my T/A is for entertainment purposes only, and that serious investors should rely on multiple sources for their DD, etc. etc.


My preliminary investigation appears to indicate Elliott Wave two. Wave 1 broke through serious resistance near 7, and then fell into the retrace wave. It appears to have violated a support near $3.5, and may continue lower until the move is exhausted. A subsequent bounce is likely to take it to $5.5, and another subwave down may consolidate for the remarkable Wave 3 up. If support holds above the bottoms made in 2012, the long term investor could be substantially rewarded by having this stock in their portfolio. Sometimes the subwaves will happen in minutes, but I have seen them take years.

The short term picture appears to have a strong momentum and cash flow toward lower prices. Lending support in the event of a fall near $2.25 would be a "shark" strategy. I may circle in this water before I start to eat.