DRYS Turning the Corner?
Posted by Blain Reinkensmeyer
December 28, 2007 at 1:00 pm
The GOOD is that Dryships (DRYS) had a nice accumulation day as institutions came in and bought it off $70 support, the stock closed yesterday at $77.59 up $4.80. The BAD is the leading moving average which is the 50 is now downtrending.
I think it is too early to say DRYS is a long buy and has turned the corner, but perhaps you can decide what you think based on the stock chart below,
Click to view, click again to zoom
One thing is for damn sure, that $70 support line is one tough cookie.
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Agree 100%. If DRYS closes above 81 today we head straight to $94. As I mentioned in a comment I left on the 26th, this week’s easy trades were DRYS bouncing off $70, BIDU/AAPL long and RIMM short. If you stuck to this gameplan and traded around the noise, you ended the year very well.
I assume $94 is the 50 MA, I can see this DRYS rally rolling
DRYS is also likely benefiting from some end of the year marking up by mutual fund managers. I do believe this stock will see higher levels in the near future.