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Company Overview: Genco Shipping & Trading Limited is a provider of international seaborne drybulk transportation services. The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels.
As per our previous report published on GNK on 16th December 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 14.43 based on “upside indicated by valuation and key risks associated’, and the stock price has now moved by ~28.14% since then and the stock has now moved above R1 and R2 mentioned in the previous report.
Noted below are the details of support and resistance levels provided in our previous report:
GNK’s Daily Chart
GNK’s shares have delivered decent return over past three months. However, on daily price chart the stock has now charted into an overbought zone as leading momentum indicator 14-day RSI is at 76.20, which indicates a potential pullback from the current trading level. Considering the technical indicators, target level achievement a ‘Sell’ rating is assigned to “GNK” stock at the closing market price of USD 18.49 (as of 30th January 2023, at 07:40 AM PST).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 30th January 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’
Kalkine Equities LLC provides general information about companies and their securities. The information contained in the reports, including any recommendations regarding the value of or transactions in any securities, does not take into account any of your investment objectives, financial situation or needs. Kalkine Equities LLC is not registered as an investment adviser in the U.S. with either the federal or state government. Before you make a decision about whether to invest in any securities, you should take into account your own objectives, financial situation and needs and seek independent financial advice. All information in our reports represents our views as at the date of publication and may change without notice.
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