Sailing higher with Nordic American Tanker

• Posted by Greg Harmon
• on July 1st, 2015

The markets have been choppy like the seas, over the last 6 months. Churning in waves, with a general sideways movement. Up to the top and then pulling back. Peak to trough. Rotation is the stock market equivalent of a wave pattern in the ocean. The ocean is an appropriate metaphor for the market to day as the current rotation is making Nordic American Tanker ($NAT) look ready to catch a wave higher.

This stock has been on the radar before when it broke out of a channel in March. That was the first let higher. The second began in May after a short pullback. And now the third leg may be underway. This brings the potential of a Three Drives pattern that would target a move to at least 17.50.

The momentum indicators are bullish and have turned back higher. The RSI is rising and the MACD is level and turning toward a positive cross up. The Bollinger Bands® are also angled higher. A trader looking for a reversal can buy this against the June 26th low as a stop for the ride higher. one looking for a break out can wait for confirmation of a new higher high over the June 24th high.

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