I must respectively disagree. There is just nothing that I see to support the pps at it's current level. I don't no where the bottom will be, but I see no reason for it to be here. But if it helps, it's the same outlook across the entire drybulk sector, and that's bad for the outlook of the U.S. economy.
Technically speaking, this has broken through every significant moving average support. However, the RSI, (relative strength indicator) is near 0. That means that there are few sellers left. Unless EGLE is on the verge of BK, there should be little downside from here. You have to buy when there is blood in the street. If you wait for the mop up, it's too late. Granted this is tricky. I bought in at $3.50 and sold out at $3.40 about a month or so ago. Didn't like what I was seeing. If this surprises me from here, will sell again.