To review Safe’s stock, please take a look at the 1-year chart of SB (Safe Bulkers, Inc.) below with my added notations:
Over the last 3 months SB had created a strong level of resistance at $11 (green), which also constituted a 52-week high resistance. A breakthrough that level would most likely mean higher prices for the stock. As you can see from the chart, SB finally broke higher last week and should be hitting new highs moving forward. The increase in volume on the break (blue) should add “validity” to the breakout.
The Tale of the Tape: SB broke out to a new 52-week high. A long trade could be made near $11 with a stop placed below that level. A break back below $11 would negate the forecast for a continued move higher.
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