Dryships DRYS Technical Analysis 1/26/09

The following is technical analysis of Dryships ( DRYS ) stock for January 26, 2009. You can see a stock chart of this analysis at: http://blackberrystocks.com/drys.html

Support and Resistance Levels - Dryships DRYS

Resistance - $13, $13.70, $15
Support - $10, $9.00, $8.80, $7.28

Drys is back near support at $10 per share...the low on Friday was $9 and it held the $8.80 late December low. As long as Dryships doesn't close below $10 I am comfortable owning this stock over $10 as this appears to be just a pullback to the 50 day moving average. If Drys closes back under the 50 day moving average, more selling could really hit the stock hard. $13 is the new resistance level and if Drys gets back up there, you will have many sellers willing to sell at that price. If that $8.80 low is broken, I will be waiting to see what happens at $7.28 and $5.90. The good thing about the Dry Bulk Shipping stock is that the Baltic Dry Index is starting to really spike higher finally.

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