DRYS has been in a major down trend since mid-September, and has since narrowed while still continuing lower. As things stand right now DRYS is still trending down and has the potential to head down as low as $5.50 and possibly $4.75. However, DRYS is heavily oversold according to the stochastic and slowing down trend may signal that it may be nearing its bottom. However, even if DRYS breaks back above both its 50 and 200 day MAs, the major trend down would still not be broken. A break above $7.25 is required for any BUY SIGNAL. DRYS seems to be trending in a minor down trend within the middle of the major down trend. In the short term DRYS could head one direction or another, and if it's up you could make a reasonable gain despite having the major down trend still intact. However, at this point this is pure gambling, and any stock who is in a major down trend will have more tendency to trade down rather than up. So, until we get a clear BUY SIGNAL with a break above $7.25, taking a long position with DRYS is too risky as it could go in one direction or another. For now DRYS is a WAIT, and possibly a long one.
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