Excel Maritime Carriers Ltd. – EXM – close 6.55 change +0.00 stop 5.90

Company Description:
Excel Maritime Carriers Ltd. (Excel) is a provider of worldwide sea borne transportation services for dry bulk cargo, including among others, iron ore, coal and grain, referred to as major bulks, and steel products, fertilizers, cement, bauxite, sugar and scrap metal, referred to as minor bulks. The Company’s fleet consists of 40 vessels and, together with seven Panamax vessels under bareboat charters, it operates 47 vessels, consisting of five Capesize, fourteen Kamsarmax, 21 Panamax, five Handymax and two Supramax vessels. In addition, the Company has also assumed five joint venture vessel-owning companies, six shipbuilding contracts for six Capesize vessels. Its subsidiaries include Maryville Maritime Inc. (Maryville), Point Holdings Ltd. and Bird Acquisition Corp.(source: company press release or website)

Why We Like It:
EXM has broken a downtrend line from August and also has upward trend line support from February that is intact. The stock curled back around to test the broken trend line which intersected with its upward trend line today, and I feel EXM is poised to bounce from here. The stock is above its 20-day, 50-day, and 100-day SMA's but will have to contend with its 200-day SMA which it has recently retreated from. Today EXM tested its lows from Friday and bounced nicely as it did on Friday as well. I am suggesting opening bullish position at $6.50. I feel that the stock will test its YTD highs so we are placing a target at $7.45 which is just below the high from January 11. Our stop is below the 50-day SMA at $5.90. Our time frame is several weeks.

Trigger to buy EXM stock at $6.50

Suggested Position: Long EXM stock @ $6.50

Annotated chart:

Entry on April xx at $xx.xx
Earnings Date 05/19/10 (unconfirmed)
Average Daily Volume: 1.2 million
Listed on April 19th, 2010