Momentum Stock: Tsakos Energy Navigation (TNP:NYSE)

In my quest to find you the best technical plays, I’ve uncovered a very lucrative investment that will surely provide significant price appreciation in the weeks and months ahead

On this one-year weekly chart, you will notice that this particular equity has traded in a very predictable fashion.

It has all the characteristics on a breakout stock. For example, we have an upward trend prior to consolidation and more recently, we’re seeing a shares surge to new 52-week highs.

To further advance my argument, I have located specific buy and sell points for you. Every time the Moving Average Convergence Divergence (MACD) indicator “blue line” crosses above the “red line” we have a buying opportunity. The reverse holds true when these diverge on each other.

In the past week alone, we’ve seen another buying alert. They do not come along very often and you can be sure that you’ll get in near the lowest possible price once the stock rallies toward $60 per share.

In case you were wondering, the Directional Movement Index (DMI) has also given me a buy signal to match that of the MACD.

Our recommendation: Buy shares of TNP at or near $38.60. Place a 5% stop loss.

Good investing,

Stephen Oakes
Editor, Volume Spike Alert & Black Sheep Trader

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