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Genco Shipping & Trading(GNK) is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. This stock is trading up 6.7% to $3.79 in recent trading.
Today's Range: $3.46-$3.79
52-Week Range: $2.09-$10.14
Three-Month Average Volume: 658,797
>>5 Stock Charts You've Got to See to Believe
From a technical perspective, GNK is bouncing here right near its 50-day moving average of $3.25 with light volume. This bounce could be offering a good entry point for GNK if it can hold its trend above that 50-day.
Traders should now look for long-biased trades in GNK as long as it's trending above its 50-day with strong upside volume flows. I would consider any upside volume day that registers near or above 658,797 shares as bullish. If GNK can maintain that trend, then this stock will setup to re-test or possibly take out its next major overhead resistance levels at $4.54 to its 200-day moving average of $4.92. If GNK were to clear its 200-day with strong volume, then it's possible it tags $6 to $6.50 in the near future.