GNK - Genco Shipping

[kc61]

Hello there, any feedback on gnk charts? This stock pays a nice dividend and typically has a nice run up to the dividend date (Aug 21st). I'm thinking of going long this week. Thanks in advance.

[Stock_Analyzer]

GNK has resistance at 70$ are then possible 71.91 ranges. Support at 62.76 and 59.5 200 MA line below.

Originally Posted by kc61

Hello there, any feedback on gnk charts? This stock pays a nice dividend and typically has a nice run up to the dividend date (Aug 21st). I'm thinking of going long this week. Thanks in advance.

[kc61]

Thanks, so from what I can see, the macd has turned somewhat positive but volume has been pretty light. I will wait for the 20ma to cross over the 50ma than I think this should run back up to 75-80 range in a few weeks. That large red candle on the right of your chart is throwing me off a little. I dont think that should be there.

Thanks again

[Stock_Analyzer]

Yea, something is wrong with the chart.... I will look into it and give it a fix. I would also wait for the 20/50 to cross up, that should give us a nice move.

Originally Posted by kc61

Thanks, so from what I can see, the macd has turned somewhat positive but volume has been pretty light. I will wait for the 20ma to cross over the 50ma than I think this should run back up to 75-80 range in a few weeks. That large red candle on the right of your chart is throwing me off a little. I dont think that should be there.

Thanks again

[kc61]

Judging by today’s action you could have kept that large red candle there. Your a fortune teller, what a sell off today but I'm sure it will bounce back by earnings next week.

[kc61]

Getting hammered recently as have all the other shipping companies, drys, prgn, tbsi. GNK beat earnings by 17 cents last week, not to shabby. I think if we could find a bottom on the bdi index this should start moving up. Here are some comparitive charts on the bdi index for those interested. GL investing.

Baltic Exchange Dry Index (BDI) & Freight Rates

[Naamplao]

Sorry KC61...in spite of its good showing financially your stock price does not look good.

Here is the Sharpchart: http://stockcharts.com/h-sc/ui?s=gnk...d=p22548120384

There is little good in this chart. You can see the BB's are expanded and continue to expand with the share price hugging the lower band...not good. The 50dayMA is arching strongly to negatively cross the 200 dayMA .... also bad. The TRIX and RSI are going negative and the accum/dist are showing a minor selloff.

Here is the P&F chart



You can see that we have broken through a rather major support line (shown in Blue) at $55.00. There is small support at $52.00 with stronger support at $49.00. the chart predicts a bottom of $37.00 but I don't think that will be reached in the short term but it could happen. (BTW I looked at those charts that you provided a link for....they look decidedly negative to me at this time. If your stock is tied to these values I think you are in for a rough ride in the short term.

I see negative drifting at the best to about $49.00. I see falling to $37.00 at the worst. In any case it will be a while before this stock turns it around.

regards

[kc61]

Naamplao, thanks for the charts. I traded this stock three times in the last couple of weeks. I regestered a loss on my second trade but came back aboard at 53.11 so pretty good day for myself with the divi payout coming also.

Looks like we are testing the 20 day ma. The stock went ex-divi today so you would think the stock price would of declined somewhat. Everything defies logic when it comes to trading so it seems.

Also that bdi index was down 21 straight days and finally turned up today. Could be the force behind the nice move up today, drys up also 6% as is the whole sector.

thanks, kc

[Naamplao]

You caught a nice spike today but I don't think it will be sustainable long term. Be careful.

[kc61]

Just realized how to post a chart from yahoo. Hope it works