Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.
Sunday, January 30, 2011
Drys Still holding Puts
Still holding my DRYS Mar 5.00 puts. We had some support a couple days at 5.00 then broke through to come into a uptrend line (lime green trend line) along with the 200 day average. My Putts are still in the money but I have a break even stop on this trade so I will not loose. I still like this short and think we will break the green trend line to get the final push down to my target 4.00
Here is a wider time frame that shows where I get the green trend line connecting the 2010 July low to Nov low pivot. There is a gap around the 4.25 area which depending how fast we get there I may take half of my position off and take some profit ,but lets not get ahead of ourselves and get through the green trend lined 1st