Active Stocks: Nordic American Tankers Limited [NYSE: NAT] has been gaining bullish momentum all through October. On Friday, it recorded gains of 7.55%, to close the week on a high note. I last covered this stock on 9th October 2019, when it was trading at $3.71. In the news article titled, Stocks to Watch: Nordic American Tankers (NAT) gains bullish momentum on strong freight business, I noted that, NAT was in a bull trend after closing higher for 5-consecutive sessions and on high volumes. I also pointed out that increased demand in the freight market was playing a role in the increased bullish sentiment.
A week later, NAT has held up to these bullish projections. Since I last covered it, NAT surged higher, and hit a high of $4.28, representing potential gains of 15.3%. Quite a decent gain in a short period, considering all the volatility in the markets, due to factors like the trade war between the U.S and China.
From a look at the charts, bullish momentum remains strong in NAT. The stock gapped higher on Friday to close the day at $4.13. However, it was a volatile day, with the candle indicating a possible tie between bulls and bears. This could be an indicator that traders are beginning to take profits, after the huge rally that started in September. As such, there is the possibility of a correction in the short-term. Nonetheless, momentum remains bullish, as demand for freighters remains high.
The company recently stated that it expects strong figures in its Q3 results, which will be released around the 25th of November. In pre-market trading, the stock is showing signs of a possible correction. At the time of writing, it is trading down a bit at $4.11.
Nordic American Tankers Limited (NAT) currently has a market capitalization of around $586.336 million. The stock has an average trade volume of 2,304,200, but on Friday, volumes stood at 11.58 million, a positive indicator of growing trader interest.