2 Shipping Stocks Look Ready For A Bullish Reversal In Coming Weeks

Globus Maritime LTD. GLBS and Seanergy Maritime Holdings Corp. SHIP are two shipping stocks moving up Monday. The stocks were trending on social media sites after they saw above-average volume.

Globus Maritime is a potential short squeeze candidate with a short float percentage of over 20%.

Globus Maritime Daily Chart Analysis

• Globus Maritime stock looks to have broken out of what technical traders may call a falling wedge pattern.
• The stock is trading above the 50-day moving average (green), but below the 200-day moving average (blue). This indicates the stock is most likely trading in a period of consolidation.
• The 50-day moving average may hold as support and the 200-day moving average could hold as resistance in the future.

Key Levels To Watch

• The stock has been falling the past few months before potentially breaking out Monday.
• This pattern is considered a bullish reversal pattern as connecting the highs shows a much steeper drop compared to connecting the lows of the chart, forming a wedge.
• Globus Maritime shares were able to cross above the lines connecting the highs. This indicates the stock may be breaking out of the pattern and ready to push higher.

Seanergy Maritime Daily Chart Analysis

• Shares of Seanergy Maritime look to have broken out of a falling wedge pattern.
• The stock is trading above both the 50-day moving average (green), as well as the 200-day moving average (blue), indicating sentiment in the stock has been bearish recently.
• These moving averages may both hold as a resistance level in the future.

Key Levels To Watch

• The stock has been falling the past couple of months, and now looks to be breaking out of the pattern.
• This stock is also looking for a bullish reversal as it crossed above the potential resistance lines, shown by connecting the previous highs with a straight line.
• If the stock can hold these gains and consolidate, it could see a further push upwards.
• If the stock fell to back below the moving averages on above average volume, it could see a further push down.