By: Scott Redler
The shippers are usually the last to go, BUT Dry Ships (DRYS) is fun when it kicks into gear. As the commodities heat up, these will get some action. The fundamentals are iffy, but the chart is improving and I am long DRYS at around $6. The pattern really triggers above $6.50 and if it breaks there is no reason why the stock can’t see $8+. Here’s the daily chart:
The weekly chart:
Excel Maritime (EXM) also looks good. It has a small level at $6.30 but needs to clear $6.65 before $7.50 comes quickly. Then we can see a bigger move to $8.40.
These both need volume, but keep them on the radar and buy small to get involved. If they get going, ride the momentum higher.
