Will the Bulls Take Control? Pacific Basin Shipping Stock- Update
Why Stock Price is falling and what's on the cards!
One of the readers of my articles has asked to write an update on Pacific Basin Shipping and thus, here is my analysis. Note that the analysis is always time-sensitive and may keep changing as stock price keeps changing daily.
Update: 21st November 2021 // Sunday
Let's look at BDRY ETF. Though they do not directly relate to the stock price of any dry bulk shipping company, these freight futures contract gives us some direction and to build conviction over our analysis.
Looking at the monthly charts of BDRY, it was a relief to many to witness BDRY bounce off up at ~ $19.70, which is a support, and at about $25.75 is the resistance on a monthly chart.
On looking at the relative strength index against the price, the stock price is at proving a lower low, and the RSI is proving a lower high — indicating a reversal in direction.
