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.
Wednesday, January 19, 2011
Here is another Head and Shoulders top. Dryships Inc broke the neck line today but still need second day below the neck line to confirm the break. My measurements takes it to 4.00 which is very close to the pivot area back in Nov of 2010 at about 4.05. I like the vol pattern too with the higher vol at the left shoulder and head then there is at the right shoulder. There should be some support at 5.00 and we may have a small bounce back close to the neck line which would be a better time to buy in and have a tighter stop in case the pattern breaks down. Only a close above the neck line would negate the pattern. This is my interpretation of technical charting and anyone should us due diligence and contact a professional stock broker before making any trades.