SBLK Long on breakout signal

7 thg 9, 2016

Long SBLK as price action today is now confirming a breakout. The wedge on the daily chart dating back to July was broken yesterday and seems to be confirmed today. Volume as of 1:50 EST is above recent daily levels as well. Going into the close heavier volume will confirm this breakout even further. I look for an entry at 4.55, but if my limit order does not fill I will go long at market on the close. If you follow my 10000 USD base account recommendations I advise a 200 share position with a price target of 5.25 and a stop below recent support at 3.95. I have offset my UNG short today at 7.89 to help finance this trade.