Is Shipping Indicator Sending Bearish Message To The World And Stocks?
Chris Kimble | Sep 21, 2020 10:20AM ET
Is the largest shipping company on the planet sending a bearish message about the economy, which will impact stock prices? Sure could be!
This chart looks at Maersk (OTC:AMKBY) on a weekly basis.
It looks to have double topped at each (1). When it peaked for the second time in December of last year, it was sending a leading message to the broad market that the economy/stocks were about to sink. We all are well aware of what happened to stocks after this company started sinking.
The rally off the lows in March has it testing the double top at (2), which could be a new triple top.
Weakness this week has it attempting to break support at (3).
If this gigantic shipping company starts sinking further, it sends a very concerning message to stocks.
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