Wednesday, 6 August 2014

DRYS - trying to turn around

Whilst the main market opened lower, Dry Ships (DRYS) opened significantly higher, on better than expected earnings, settling +5.7% @ $2.86. There is near term resistance around $3.05/10.

DRYS, daily


DRYS remains one of those stocks I still keep an eye on. It used to be one of the hugely popular stocks to trade, especially in the first year of the post 2009 rally.

Earnings (or rather.. lack of).. were a loss of 1 cent a share.

So.. its still a loss maker, but browsing some of the individual aspects of the earnings report, there are some good signs for the longer term.

see key stats @ Yahoo Finance

In terms of price, DRYS remains stuck under declining resistance that stretches all the way back to last December, when DRYS peaked at $5.00

A break >$3.20 would be decisive, and open up the next key level of $4.

As things are, even sp'2000s won't likely be enough to kick DRYS to the big $5 threshold.. that seems unlikely for some considerable time to come, not least if the broader market does eventually see a multi-month decline late 2014/early 2015.