GNK Genco Shipping 2-Hour Chart

The Baltic Dry Index, BDI is down in the basement continuing to indicate that the global economy is a deflationary funk. Ocean dry bulk goods and other shippers are beaten severely. The shippers seem to take turns going bankrupt over the years. In good times, the shippers order many ships but by the time they take delivery the economy is in the crapper. Ships only make money fully loaded and moving cargo.

GNK went bankrupt a couple years ago. After the July 4th celebrations this summer, the wine was flowing like water as Genco shareholders toasted each other's brilliance, however, the stock then nose dives from 7.85 to 3.23; a -60% crash. The ships are sinking and taking on water fast. Long traders are yelling, "Abandon ship!" The price is in free fall and traders have given up on the stock. There is blood in the streets, or, since this is a shipper, there is blood in the ocean. Sharks are circling.

The green lines show a falling wedge, and positive divergence with all indicators. The RSI, money flow and stochsatics are oversold and have nowhere to go but up. Price has violated the bottom band (pink) and needs to back kiss the middle band at 4.02 and dropping fast. The weekly chart is positively diverged across its indicators and violating its lower standard deviation band. The 2-hour chart is positively diverged. All of these indications are bullish.

It is called speculative insanity but Keystone leaps into the Genco ship and begins bailing out water from the hull with a coffee can. Keystone bot GNK today opening a new long position expecting a bounce from the possie d. As all knife-catches are, this is a very dangerous and speculative trade. 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.