Head & Shoulders pattern possibly playing out

Golden Ocean had quite a run from lows in March 2020 to late May 2022 of +490%. Since then stock is down approx 40%. We now have this H&S pattern on weekly chart which signals a change in trend and also a possible Death Cross on daily chart in the making. Technicals are bearish and fundamentals are not looking great with Chinas economy slowing down and consuming less. Spot rates have nosedived and dry bulk sentiment is ‘worst it has been in many years’. Short positions are currently at 2,52%.

Conservative target: nkr 74
Pattern target: nkr 59

Good luck!

ノート

Stop Loss: 107

Zolly

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Zolly