Paragon Shipping Leaves The Dock (Up 500%), But Will It Eventually Sink?


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Paragon Shipping Inc. (NASDAQ: PRGN) shares were trading higher by $1.58 (560 percent) at $1.84 in Thursday's session. The supposed catalyst for the rally are updates on newbuilding contracts (with a Chinese company), debt obligations and the filing of a lawsuit against Tradewinds.

Buyer beware on this one, as the issue staged an identical rally back in early March from $1.14 to $4.66 on similar news. However, the rally failed to have any follow through and was back at the $0.40 area within a month and traded as low as $0.20 in Wednesday's session.

So far, it has reached $2.66 but has not been able to hold on to the gains and is now back under $2.


Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


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Posted In: TechnicalsIntraday UpdateMoversTrading Ideas