DryShips prior support becomes resistance

Not a very good omen for the bulls when a price area where there used to be demand becomes resistance. DRYS is now finding sellers above $3.15, a price where it found support for several weeks last month. A “Head and Shoulders” pattern has now formed with the neck line around $2.65. Not getting involved until this stock shows signs of 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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