Star Bulk Carrier Corp (Nasdaq:SBLK) - Not Smooth Sailing
The Star Bulk Carrier Corp(Nasdaq:SBLK) share price had fine sailing between March 2, 2009 and May 27, 2009 with the price rising from $1.28 to $5.45 . Since then the share price has been headed "down river" with a low of $2.50 reached on January 29, 2010. Since then it has worked its way up to the $2.70 level.
From a Fibonacci retracement viewpoint the share price fell below the level of $2.87 [F0.618] which in theory set up a potential test of the level $2.26 [F0.764]. However the reversal at $2.50 was $0.01 above a support level at $2.49. The price, if it clears $2.73 could rise to test $2.87
The Bollinger Bands are between $2.51 and $3.26 with the MBB at $2.88. The SMA 200 sits at $3.43 . The Exponential Moving Averages of 4[$2.68] - 9[$2.72] - 18[$2.80] are in an inverted order which is not a bullish condition.
Perhaps in the days ahead the Star Bulk Carrier Corp share price will catch a 'rising tide" and experience some smooth sailing.
