Star Bulk Carriers (NASDAQ:SBLK)

CAPS Rating: 2 out of 5

A blank check company which was formed to serve as a vehicle for the acquisition through a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses in the shipping industry.

Recs

1
Player Avatar wiredmotley (62.27) Submitted: 7/15/2008 2:18:41 AM : Underperform Start Price: $106.21 SBLK Score: +156.54

I really liked this stock at one time but for the near term the charts are very ugly. Broke a major trend line and crashed through the 50 Day and 200 Day Moving Average (very bearish). The S&P 500 is not doing so hot and this stock has fallen below the S&P 500 index on a percentage-wise basis. There was a negative divergence in the RSI a while back which basically indicated that the 6/5/08 price did not have any fuel behind it. There was a similar set up (Negative Divergence) from early October 2007 to early December 2007 in the RSI just before this stock hit the January 22, 2008 low of $9.65. The Bollinger Bands are showing a steep down trend some what similar to the January 2008 decline. From early May 2008 to early June 2008 it looks like it formed a double top (very bearish).

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