DRYS Breakout

Since the mention of this shipper, DRYS as a macro play on the thesis of an improving economy for 2014, it has surged upward after it broke a long term inverted head & shoulder price pattern. Here are the updated price charts on DRYS with possible near term price target.

(click on the chart to get an enlarge view)
Weekly:



As the price opened at the high of the date in the last trading session, it ended with a small loss at the close. This price action could indicate a potential short term pull back. The price target from the inverted head & shoulder of 6.30 is still valid for now until it breaks major support.

Daily:



Happy Holidays!

Disclosure: Long DRYS.