Genco Shipping & Trading Could Be Making a Head and Shoulders Top

Genco Shipping & Trading (GNK), an ocean-going shipper of drybulk commodities, could be setting up for a head and shoulders top. Like the stock prices of other bulk commodity shippers, GNK is down from its high set in October 2007.

And GNK's price pattern (chart) includes the left shoulder and the top of a possible head and shoulders top, a bearish price formation.

Be cautious with GNK and the other bulk shippers. More downside could be on the way.

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Posted November 26, 2007.