Top Ships Inc. (TOPS) Just Flashed an Extremely Rare ‘Buy’ Signal

Top Ships Inc. (NASDAQ:TOPS) gained 34.74% in yesterday’s session, going up from its prior closing price of $0.38 to $0.51. The price has fallen in 6 of the last 10 days and is down by -6.91% over the same course of time. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 12.66 million more shares exchanged hands compared with prior day. In total, 13.51 M shares exchanged hands for about $6.92 million.

Inside TOPS’s Recent Trend

Top Ships Inc. (TOPS) lies in the lower part of a very wide and strong rising trend in the short term, and this will normally pose a very good buying opportunity. A break down through the resistance trend line at $0.39 will initially suggest a lower tendency for gains in the price and this might very well be an early sign that a trend shift is coming. Short-term traders are predicted to see a rally of 32.56% over the course of a quarter and, with 90% chance the price will be floating in the range of $0.52 and $3.43 in this timeframe.

Top Ships Inc. Technical Signals

TOPS is a buy based on short-term MA; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On additional rally, the share price will meet long term resistance at around $0.93. On a drop, the stock is likely to find some support over the short run, which begins at $0.45. A buy signal will be generated if it crosses above the long term moving average. Meanwhile, a price down versus the short-term MA will be a fresh sales call.

Top Ships Inc. (NASDAQ:TOPS) Support And Resistance Levels

In case of pullback, the next support the price will capture from accumulated volume will not be far away from current price at $0.46 and $0.45. In case of gains, the next resistance from accumulated volume will be at $0.55, $0.57 and $0.59.

It is important to note, however, that the stock needs to make its way through natural risk while testing a key support level. Once this support is broken, another support level will be to be established at a lower level. Turning back to this stock, TOP Ships Inc. approaches the first support point just current price at $0.46. In case of a break, the next support we will see from accumulated volume is going to be at $0.45 and $0.42.

Top Ships Inc. (TOPS) Risk Assessment

A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.30 between high and low, or 63.83%. The average volatility for the past week stood at 26.79%.

TOP Ships Inc. is in oversold territory based on Relative Strength Index reading (26). In some cases it takes more time for the trend to shift while the stock is being oversold and the Relative Strength Index keeps moving.

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