Is This Penny Stock About To Rally?

There’s a good chance shares of Nordic American Tankers Limited NAT will stage some type of rebound: the stock is oversold and at support. 

Support is a large concentration of buyers who are trying to pay the same price for their stock. In this case, the level is $2.85.

Sometimes stocks rally after reaching support. That’s what happened in November and January.

NAT is also oversold.

This means it’s trading far below what would be its typical trading range. This will draw buyers into the market.

The combination of being at support and oversold means there’s a good chance NAT rallies.