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Shares of Eagle Bulk Shipping Has Fallen Below Previous 52-Week Low

By Nick Russo

Eagle Bulk Shipping (NASDAQ:EGLE) traded at a new 52-week low today of $1.65. Approximately 138,000 shares have changed hands today, as compared to an average 30-day volume of 578,000 shares.

In the past 52 weeks, shares of Eagle Bulk Shipping have traded between the current low of $1.65 and a high of $8.75 and are now at $1.65. The 200-day and 50-day moving averages have moved 2.63% lower and 4.31% lower over the past week, respectively.

Eagle Bulk Shipping Inc. owns a fleet of dry bulk vessels and transports a range of major and minor bulk cargoes. The Company transports iron ore, coal, grain, cement, and fertilizer along worldwide shipping routes.

Eagle Bulk Shipping (NASDAQ:EGLE) has potential upside of 57.6% based on a current price of $1.65 and analysts' consensus price target of $2.60. The stock should find initial resistance at its 50-day moving average (MA) of $2.76 and further resistance at its 200-day MA of $3.77.

SmarTrend recommended that its subscribers protect gains by selling shares of Eagle Bulk Shipping on April 14th, 2014 by issuing a Downtrend alert when the shares were trading at $3.42. Since that call, shares of Eagle Bulk Shipping have fallen 49.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows eagle bulk shipping

Ticker(s): EGLE