Comments on: Genco Shipping 1st Quarter Results http://www.shippingstocksblog.com/2009/05/genco-shipping-1st-quarter-results/ by Tim Plaehn Thu, 24 Dec 2009 12:46:15 +0000 hourly 1 By: SathingtonWilloughby http://www.shippingstocksblog.com/2009/05/genco-shipping-1st-quarter-results/comment-page-1/#comment-1025 SathingtonWilloughby Sun, 03 May 2009 19:42:05 +0000 http://www.shippingstocksblog.com/?p=340#comment-1025 GNK proved technical support 4/30, and the astute trader could have bought it that day for $18.15. GNK has entered into my probationary period as a result of the perceived weakness, and if the price fails to maintain support, this would be an indicator to go shopping elsewhere. Short term technical support had failed previously, so this trade was a bit elusive. From a long term perspective, proving technical support has been an elusive process since 2/20, while the price has rallied over 30%. The risk is high, along with potential for reward. GNK proved technical support 4/30, and the astute trader could have bought it that day for $18.15. GNK has entered into my probationary period as a result of the perceived weakness, and if the price fails to maintain support, this would be an indicator to go shopping elsewhere. Short term technical support had failed previously, so this trade was a bit elusive.

From a long term perspective, proving technical support has been an elusive process since 2/20, while the price has rallied over 30%. The risk is high, along with potential for reward.

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