1000 shares DRYS at $6.60. DRYS is a focus list stock from the Trade Report I send nightly to subscribers.
Setup: Breakout-pullback. The stock broke out over the 50 day moving average and has consolidated on low volume.
Trade Management: DRYS offers a good risk ratio and trade management. A stop can be placed under the 50 day moving average. I am taking a pilot positions here, and will add more if it dips closer to the moving average. Ideally I will take profits at the top of the breakout bar ($7), and let the rest “ride” by moving stop up to entry.
Concerns: Overall market is overbought. If the market pulls back, it could take DRYS with it.
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