Dryships ( DRYS ) Technical Analysis November 2008

The following report is technical analysis on Dryships ( DRYS ):

Dryships Drys is showing signs of a turnaround although we are in the early stages. DRYS closed over the 10 day moving average for three straight days today, the most since it traded between $65-$80 per share. Right now we have major resistance between $24-$26 per share...as soon as we break $26 I am getting long because this will show me that buyers are willing to " pay up " to own drys. You would also get short covering since a key resistance level has been broken. Also, pullbacks to $18 could be bought but use a tight stop at the 10 day moving average. Drys sank like a rock over the past 3 months, so if you do get that close over $26, there are huge gaps at $30-$38 & $39-$54....the upside could be huge!

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