More Downside for Overseas Shipholding ?

Published on Wednesday, 23 November 2011 11:34 Written by Danny Miller

New York, November 23rd (TradersHuddle.com) - Shares of Overseas Shipholding Group, Inc. (NYSE:OSG) booked a new 52 week low by trading below $11.61, traders are definitely monitoring Overseas Shipholding's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Overseas Shipholding Group, Inc. (NYSE:OSG) maintains a fleet of marine transport vessels. The Company charters its ships to oil majors, traders and United States and international governmental agencies. Its ships transport crude oil, refined petroleum products and natural gas.

Overseas Shipholding is currently trading -0.1% versus its previous trading session close, and it has calculated support and resistance at $11.71 and $14.69 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -1.8% from its previous trading close, which means that Overseas Shipholding stock is outperforming the overall market.