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Possible Bullish Inside Day Candle Pattern Detected for Diana Shipping (NYSE:DSX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Diana Shipping (NYSE:DSX) based on the price action in the company's shares. Today's price range of $3.00 and $3.10 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Diana Shipping may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Diana Shipping has traded in a range of $1.95 to $8.27 and is now at $3.07, 57% above that low. The 200-day and 50-day moving averages have moved 1.68% lower and 2.04% higher over the past week, respectively.

Diana Shipping Inc. owns and operates a fleet of dry bulk carriers. The company transports iron ore, grain and other dry cargoes along worldwide shipping routes.

There is potential upside of 85.9% for shares of Diana Shipping based on a current price of $3.07 and an average consensus analyst price target of $5.71. The stock should find resistance at its 200-day moving average (MA) of $4.86, as well as support at its 50-day MA of $2.61.

SmarTrend is monitoring the recent change of momentum in Diana Shipping. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Diana Shipping in search of a potential trend change.

Keywords: bullish inside day candle Diana Shipping

Ticker(s): DSX