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4 Shipping Stocks Under $10 Making Big Moves

Genco Shipping & Trading

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Genco Shipping & Trading ( GNK) transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. This stock closed up 8.3% to $1.95 in Thursday's trading session.

Thursday's Range: $1.83-$2.07
52-Week Range: $1.12-$4.54
Thursday's Volume: 1.24 million
Three-Month Average Volume: 936,608

>>4 Big Stocks on Traders' Radars

From a technical perspective, GNK ripped higher here and broke out above some near-term overhead resistance at $1.85 with above-average volume. This move is quickly pushing shares of GNK within range of triggering a near-term breakout trade. That trade will hit if GNK manages to take out some near-term overhead resistance at $2.07 to $2.12 with high volume.

Traders should now look for long-biased trades in GNK as long as it's trending above $1.75, and then once it sustains a move or close above those breakout levels with volume that hits near or above 936,608 shares. If that breakout hits soon, then GNK will set up to re-test or possibly take out its 200-day moving average at $2.62. Any high-volume move above $2.62 will then give GNK a chance to trend north of $3.

Keep in mind that GNK is set to report earnings on July 31 after the market close, so look to play that breakout ahead of the quarter or after if the stock acts positively to the numbers.

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