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small-cap

One NYSE– Listed Shipping Stock Trading near Resistance Levels: Danaos Corporation

Apr 13, 2023 | Team Kalkine
One NYSE– Listed Shipping Stock Trading near Resistance Levels: Danaos Corporation

Danaos Corporation

Company Overview:  Danaos Corporation is a holding firm that also owns containerships internationally and rents out its ships to other liner companies. The company's main line of business is the purchase and management of ships. The vessel-owning firms, whose main business is the ownership and management of containerships managed by a company-related party, are how the Company carries out its activities.

DAC’s Daily Chart

On daily price chart, DAC shares have moved above short-term crucial resistance of 50-day SMA and moving towards the 200-day SMA. However, in the past six months, DAC shares have taken resistance of 200-day SMA consistently, which is acting as a crucial resistance level for the stock. Also, uncertainties hovering around the global economy on the back of Federal Reserve’s induced slowdown, recession fear, and Russia-Ukraine standoff would impact shipping sector in short-term. Hence, considering the resistance around the current levels and risks associated, a “Sell’ rating is assigned to the “DAC” at the current market price of USD 59.30 (as of 14 April 2023, at 11:30 am PDT).  

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 14th April 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.’