Dryships DRYS Stock Analysis August 28 2009

The following is technical analysis on DryShips Inc ( DRYS ) for August 28, 2009

DryShips, Inc. (DRYS) Support and Resistance Levels - 8/28/09

Resistance Levels - $6.50, $6.99, $7.10

Support Levels - $6, $5.70

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Drys closed above both the 10 & 50 day moving averages today which hasn't been in a month. I bought DRYS today because of this and the fact that the move was on heavy volume. The next resistance level I am watching is $6.50 as well as the 200 day moving average located at $6.99. A close above the 200 day moving average will cause me to add to my long position. When stocks close above their 200 day moving average, it is usually a long term buy signal. If Drys closes below $6 at anytime I will be getting out. $6 to me should be solid support.

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