Indications Suggest NASDAQ:SBLK Could Be on the Verge of a Breakout.

Our stock screener has identified STAR BULK CARRIERS CORP (NASDAQ:SBLK) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:SBLK.

What is the technical picture of NASDAQ:SBLK telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to SBLK. Although SBLK is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the performance of all stocks over the past year, SBLK turns out to be only a medium performer in the overall market: it outperformed 49% of all stocks.
• SBLK is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so SBLK is lagging the market.
• In the last month SBLK has a been trading in the 20.38 - 22.35 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of SBLK for a complete technical analysis.

How do we evaluate the setup for NASDAQ:SBLK?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:SBLK scores a 9 out of 10:

SBLK has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 21.90. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 21.12, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:SBLK

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.