CAPITAL PRODUCT PARTNERS (CPLP) stock (July 13 chart analysis)

Capital Product Partners (CPLP), the shipping NASDAQ-traded stock, looks well-positioned for further upside from a technical analysis perspective.

Longer-term technical analysis shows that CPLP shares have strong support at the 4-year old uptrend line starting from the August 2011 low.

Moreover, CPLP is above the 2011 high, which is now acting as support @ $7.26 (Chart 1).

CHART 1
cplp1

Chart 2 shows that CPLP is well-supported by Fibonacci analysis, as it has rebounded nicely from all crucial levels and is now above the 61,8% Fib level, located @ $7.75. This level is now the first support level for buyers.

CHART 2
cplp2

Chart 3 shows the price reaction from multiple support located around the $7 psychological level.

CHART 3
cplp3

From a shorter-term perspective, last week’s “bullish hammer” candlestick (week closing way above its lows) confirmed that short-term sentiment has reversed to bullish after the recent downmove, with more upside potential being possible even if some profit-taking decelerates the ongoing upmove.

The bullish scenario measured target is located at around $10.50, where the 7-year top is located too.

Petros Steriotis

Charts: Stockcharts.com

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