NAT Nordic American Tanker Weekly Chart Channel Inverted H&S

NAT remains constructive to the upside; it was one of the winners this year. Indicators remain long and strong, note the higher highs, so one more price high after a pull back is likely. The big money was made off the positive divergence bounce as the year began. NAT was a fun one to watch set up on the launch pad in December and then allow the positive divergence and green falling wedge to light the fuse for the rocket shot.

A pink inverted H&S is forming now with head at 11-ish, neck line at 16 and target of 21-ish which forms a confluence with the horizontal resistance above.  Note how price now sits smack dab on top of the lower rail of the channel.  The 20-week MA and right shoulder pink line of the inverted H&S both serve as support for price in the near term. Price should move upwards to test the confluence of the top rail of the channel, the inverted H&S neckline, and downward-sloping 50-day MA at 16-17.

If the inverted H&S plays out, this would be in concert with other shipping companies, as well as the Baltic Dry Index moving up.  Price moving in a sideways range for the weeks ahead for the shipping industry would indicate that the overall economic funk continues along. Projection is sideways to sideways up moving forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.