Trade of the Day: Navios Maritime Holdings (NM)Profit ScannerA number of the shipping names have started to look much more formidable going forward in 2014 and could be developing as some of the best stocks to buy.
After a few days of consolidation with the broader market, the stock is trading in the $9 range.
Profit Scanner powered by Recognia can help traders of all levels find new trading customized trading opportunities for finding the best stocks to buy or short in specific sectors, price points, timeframes and so much more. However, as day rates have moved up for the transport of commodities around the world, a number of the shipping names have really started to look much more formidable going forward in 2014 and could be developing as some of the best stocks to buy. NM’s chart shows an emerging bullish continuation wedge, an intermediate-term pattern that tells traders that after a brief disruption, the prior uptrend is set to continue. But, at the end of the day, the bulls win out as the break above the upper trendline signals a continuation of the prior uptrend.
Then this could be either a temporary pullback (which is common) or perhaps a sign that the previous bullish signal was actually a false signal — sometimes called a bull trap.
While current expectations are that the company will report a loss, a better-than-expected report could easily send the stock up to the target.
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