Here’s my take on the current market situation along with a trade on Dorian ($LPG) – September 25, 2023
This is Dan Fitzpatrick with Fitz In Five. By the way, just as a general market thought, everybody is looking for a really nasty end to September. My sense is, that when everybody is looking for the same thing, it is probably not going to happen. This is just a side, I would actually expect this level ( NASDAQ: QQQ ) to hold, maybe even move higher, it’s hard to say. The bottom line is, that it looks to me like this will probably hold through the end of the week.
What I am looking at though, is Dorian LPG ( NYSE: LPG ), really like it. You look at the way the stock traded, it gapped up just a bit on Friday, but it had a great closing location. We got in this at 28.90, which was actually a little bit later than I would have liked but it moved pretty fast. It ran up above this last resistance level here and just kept going. This move today, on Monday, didn’t even come close to the stop that I had set.
At some point, if this continues to move higher, right now $30.00 is the next resistance, you can just see it from right here, we’ve got $30.00 as a level that we are probably going to see some resistance coming in. If the stock rallies above that level, that is when I am going to start raising the stop just to cut down the theoretical risk if something happens.
For now, I like this stock, it is, kind of, a deep kind of cup and handle type pattern. If you are looking for such things I would just say, it peaked here, it had a pretty nasty sell-off and now it is correcting itself. It is in a trading range, looking to break out from that, I think the buyers are starting to get a hold of this stock again.
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