Belships Skibs 12.11.2007

It has been a while since we looked at Belships Skibs (19.10.2007) so this is a good time to bring it back up. Last time we said that the stock was ready for a correction down due to falling RSI tops (you find the analysis published here on www.mytraderscorner.com 19.10.2007). Since then the stock has fallen quite a bit. We had a top at about 35 NOK where it also touched the upper trendline - the resistance line. We expected the stock to fall to about 25 NOK at least and todays close was 24.4 NOK down 6.5% from Friday last week. Looking at todays chart we see that there is some support at about 23.80 - 23.90 NOK something that we can confirm by looking at the RSI chart. So at first it seems possible that the stock can fall to about 23.80 - 23.90 NOK before a new rise in the stock price. It is however important to pay close attention to what happens at the supportline before making a decision of what to do.