Here’s the newest stock in Mentorville.Take a look at Dorian Ltd ($LPG) – September 22, 2023
This is Dan Fitzpatrick with Fitz In Five. Here’s a quick look at a stock that I just put on our Trade Idea List today, Dorian LPG ( NYSE: LPG ).
This Stock, from a technical standpoint, looks really good. On this chart, it kind of looks like a deep cup and handle. I can make it look pretty if we do that, but the dynamics are still the same. This stock pulled back down, and gradually built a base here, and now has been running up here.
We had a nice high-volume day here. Then we got one concerning, shall I say, volume spike on a down day. But as it turns out, guess what, that was the low. And so we really have this new support level right around here, and then the stock broke out.
This is a liquid petroleum gas transport company. It is in one of the top industry groups in the market, and so this is where we want to be. We want to be in these groups where buyers are coming in. As opposed to, shareholders hanging on, like on the big cappers, NVIDIA ( NASDAQ: NVDA ), Microsoft ( NASDAQ: MSFT ), Meta ( NASDAQ: META ), all of that kind of stuff.
While I’m thinking about it, Apple’s ( NASDAQ: AAPL ) big reveal came today, the iPhone 15. I’m sure it’s wonderful. What I see happening here is nothing. And so when I see this type of a thing, Big news, it’s going to be awesome, and the stock is up $1.00, that doesn’t really get my attention.
But when Dorian ( NYSE: LPG ) pops out like this on almost twice the average volume and holds the breakout, that’s something that gets my attention. So I started a small position in this, not a big one, not a big one at all. I don’t really trust too many stocks in the market right now.
I don’t really truly trust this one either, but I am watching it, I’m playing along a little bit. Then if it really starts to prove itself, then maybe I will up my stake. But for the time being, I think everything should be for a trade.
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