Harry Boxer selected GNK as one of his Charts of the Day in last night's video, noting: My favorite stock in the shipping group is Genco Shipping & Trading Ltd. (GNK). It’s probably the best chart of all the shippers, which have been depressed lately, and has done well to go sideways in a coiling action for the last 5 - 6 months. However, look at today’s (Wed's) action. The biggest volume in many months. More that 5 million shares traded today. This stock jumped 3.04, closing at the high for the day, up 14.67%. Closing right at resistance. Any follow through here and it could get explosive. More importantly, look at the long-term channel. It shows upward of a possibility in the 40s somewhere in this stock. Short term there’s a high from the June high up around the 29 zone, then lateral resistance up around 34. Those are our trading targets for GNK going forward. Video chart analysis at http://www.thetechtrader.com/chartofday/11/2009/11/
As indicated by Harry, we have break the trend and going higher with strong volume. There is possiblity we going to go through $25.6 resistance level today. We are on our way to test $29 in the next week or so. I will be take profit then.