DryShips stuck in trading range?

It looks like Dry Ships (DRYS) is stuck in a trading range for now as it is unable to trade past $4. Price action appears to be pulling this stock lower towards $3.23. What is interesting now is that, after yesterday’s pullback, it shows relative weakness with respect to other sectors and the broad market. $3.60 is a short term resistance level that it needs to clear to move back to the previous trading range and a sign it is gaining back strength.

Drys Daily Chart

Drys Daily Chart

About Stock Trade Journal

The information in this blog is not investment advice. Please consult a financial advisor before investing. I have been trading stock since the 1990's and survived the .com crash. I am developing software applications to help me trade better and now I am making them available to help other traders. This blog is also a way to share my experiences and observations in the market.
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