A far-off light for shipping? $SALT

2017-01-23 11:15 AM

Scorpio Bulkers $SALT

Scorpio Bulkers continued the steady march upwards last week, with what appears to be some solid support
built in the 5.00 – 5.25 region. The last time we commented on SALT was mid-October 2016, and we dared to have some bullish thoughts. Well, of course it’s a whole new year and a whole new US administration; last year is out the window, so the “animal spirit” may be abroad as some have said.
Perhaps seeing Wilbur Ross’ cabinet appointment has provided a distant light for ancient mariners mired in the mud.
Dare we say SALT might see more support building at the 6.00 price? It may be time for a price rest and maybe a little build on that support. Relative Strength Index is into overbought regions, and the last time we saw this kind of volume was immediately after the US presidential election.

What, me worry?