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Watch for Continued Losses in Shares of Seaspan (SSW)

By Shiri Gupta

Shares of Seaspan (NYSE:SSW) traded at a new 52-week low today of $11.24. So far today approximately 173,000 shares have been exchanged, as compared to an average 30-day volume of 280,000 shares.

Seaspan Corp. operates a fleet of containerships. The Company's ships are chartered to customers on a long-term fixed-rate basis.

In the past 52 weeks, Seaspan share prices have been bracketed by a current low of $11.24 and a high of $20.87 and are now at $11.32. The 200-day and 50-day moving averages have moved 0.33% lower and 0.13% lower over the past week, respectively.

Seaspan (NYSE:SSW) has potential upside of 79.6% based on a current price of $11.32 and analysts' consensus price target of $20.33. The stock should find initial resistance at its 200-day moving average (MA) of $16.54 and further resistance at its 50-day MA of $17.69.

SmarTrend recommended that its subscribers protect gains by selling shares of Seaspan on April 1st, 2016 by issuing a Downtrend alert when the shares were trading at $17.60. Since that call, shares of Seaspan have fallen 34.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows seaspan

Ticker(s): SSW