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Eagle Bulk Shipping(EGLE) is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. This stock is trading up 12.4% to $3.16 in recent trading.
Today's Range: $2.76-$3.37
52-Week Range: $2.51-$11.00
Three-Month Average Volume: 207,366
From a technical perspective, EGLE is ripping higher here on above average volume, and the stock has briefly flirted with a near-term breakout trade at $3.37. This move is coming after EGLE recently formed a double bottom at around $2.51 to $2.52. At last check, EGLE has hit an intraday high of $3.37 and volume is well above its three-month average action.
Traders should now look for long-biased trades if EGLE can manage to sustain a move or close above $3.37 with volume that's near or above 207,366 shares. If we get that action today or soon, then EGLE has a solid chance of re-testing and possibly taking out its next significant overhead resistance levels at $4.28 and its 50-day at $4.68.
Keep in mind that long trades should only be consider if EGLE is trending above $3.37 with heavy volume.
To see more stocks under-$10 that are making notable moves higher today, check out the
Stocks Under-$10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.