Read my new analysis on one of the famous shipping stocks — Pacific Basin Shipping.
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Sriram Balasubramanian - Medium
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One of the readers of my articles have asked to come out with an analysis on Pacific Basin Shipping (2343. HK), and if you haven’t read my previous article about Pacific Basin Shipping, please feel free to read it here:
Marrying Ships & Stocks — Shipping Stock #3
Thanks for reading my previous articles and following me on this channel. In case if you haven’t had a chance to read…
When I last wrote about Pacific Basin shipping, the stock price was about HK$4.13, and I explained why to wait till a decent pull-back to enter to enjoy a rare-shipping ride. Let’s see where we are now based on charts.
I have marked the price (HK $4.13 // 29 August 2021), and as expected, we are at a point where the stock price has experienced a significant pull-back.
The stock price has fallen by about 30%, which is a decent pull-back.
The stock price is currently resting in a 200-day exponential moving average, which is usually considered strong support for the stock price. I will be watching this closely, and if the stock…