IMHO... you entered at a good starting point... to begin averaging-in... which means, I hope you are spreading that 20K through several planned entry points... or maybe 20K is just a fraction of what you are willing to dedicate to EGLE.
Short term technical reason: Take a look at the EGLE swing dynamic since last Nov... nothing going on now that hasn't already happened Dec 19, Jan 7, Feb 10, Mar 11, etc., and in this local/immediate (not to be confused with intermediate) "cycle" where the previous low was $5.57 on Apr 28 and the high was $9.42 on May 6, the .618 re-trace is $7.04 with .786 re-trace at $6.39.
Long term fundamental reason: EGLE reported well, BDI rising, and commodities (and follow-ons like transport) will lead the way out of the global recession (whatever that means).
So, I am already 50% (of what I am willing to dedicate) into EGLE mainly around $7.04, with additional entry targets at $6.39 and below... if it gets there. If it doesn't, then I wait for the short term (21-day range) technicals to improve and buy up on momentum or just be happy with only 50% in play... and put that other 50% somewhere else that is at the bottom of it's local "cycle", like something in the tech or material sectors.
You don't blow your wad on one entry or exit. You want to average-in and average-out, and/or possibly buy some option puts to hedge against a severe dump. But, you've done your homework and read all the books, so I am sure you already know all that... ;o)