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New Trade in Bottoming Shipping Sector
Jan 21, 2017 02:11 pm
Below is a daily chart of Navios Maritime Partners L.P. (NMM), $1.72.[You must be registered and logged in to see this image.]
Trade: It broke out last Friday, so purchasing at current levels is fine with the posted stop.
Strategy: After a robust breakout in the stock and sector last November, NMM retraced, and broke out from a higher-range multi-week consolidation, which is bullish. The volume (money) coming into the stock and sector is increasing with bullish weekly and monthly charts.
- Target: $2.75 – $5.00
- Stop Loss: $1.38
Adjustments and Comments on Open Trades
PBH – Triggered long at $53.05. Target $56-57. Maintain stop to $51.59.
MON – Purchased at $107.25. Acting very well and poised for an additional breakout. Move stop to break even.
source: MasterTrader
