TORM Buy IdeaBroke out of the sharp downtrend.
Seasonality is at our side, too.
Buy now or after another confirmation at your discretion.
Place Stop wisely...
Peace!
TRMD_A trade ideas
TRMD -- Long--Up trend, breakout of a W pattern
--Re-claim 21 ema, help support at 50 ema and bottom trend line
--Not much re-action on the CPI report, Open higher on last closes
--MACD shows entry signal, RSI above 50
--Entry: 1.25%-2% above previous closes (safe play)
--Avoid if show choppy price action.
--Cut lost: ~7%: right below 21 ema
--Above 2:1 gain ratio
RSI DiversionTorm is a U.K.-based refined-oil shipping company with a fully owned fleet of more than 80 vessels. In August, Torm reported time charter equivalent rates more than doubled in the second quarter, and company management said the market has been even better so far in the third quarter. In fact, the stock jumped 10% after Torm said rates had more than tripled from 2021 levels in the current quarter. Torm has also taken advantage of a seller's market to divest seven of its oldest vessels since late 2021. Surging shipping rates have sent Torm shares higher by 153.9% in 2022.
RSI Diversion noted.
Possible M forming that would take this down a notch or 2 but it is too son to tell.
Price is above the .236 today.
A Pocket pivot noted a few trading days ago.
No recommendation
