Get Stock Quote Here Weatherford (WFT) is one of the largest international oil and natural gas service companies. The company provides products and services for drilling, evaluation, completion, production and intervention of oil and natural gas wells, along with pipeline construction and commissioning. Headquartered in Switzerland, Weatherford operates in more than 100 countries across the globe and employs more than 60,000 people.
sold today for 12% profit since Friday. May break 7.00, but want other plays. Volume still good here.
Schlumberger, Weatherford launch fracking JV to rival Halliburton http://www.seekingalpha.com/news/3253568 Baker Hughes aiming to merge up with General Electric, and now this.... That's a mighty mass of hydraulic horse power consolidating!!! Maybe this is why WFT has been on a solid uptrend over the past 3 months while the rest of the oil biz has generally been pointing the other direction.... As seen in this comparison of daily charts Looking at the weekly chart, I can see a range with enough cause to support a move to $12.50 In the short term, back to the daily chart, you can see several bounces off the 50 DMA, then finally a bounce off the higher 10 DMA.... This is where I found my entry, back on the 10 DMA again
Another nice chart find JRich. Definitely appears to be an accumulation range. It is above the long-term stride. It is showing higher highs and higher lows. It had a nice SOS leading to an upthrust of the range. Came back to test the UT but failed to get there. Looks like it wants to retest 5.89 once again but then usually, the next attempt after a failed UT will break. Your price objective of 12.50 appears like you are using a conservative count. I would have thought this company was from Weatherford, OK but no, they are from Switzerland, go figure. Nice find. Daily:
Thanks! I use to think they were from Weatherford Tx, because I've done a lot of work with/for them in that area... The Switzerland thing threw me for a loop too! I know you're not into reading news, but this joint venture explains a lot... Like I said, I know a little bit about the company from the "inside", and I was surprised the recent oil bust didn't do them in..... So I've been watching suspiciously, thinking buy out, or something to that measure.... Low and behold!..... The chart says plenty, and the news confirms I counted from the LPS at $4.25, back to the column plotting the drop from $8.00 to $4.75, giving my $12.50 target.... But if I count the range you highlighted, I get $29.00
Weatherford is really close to testing that 5.89 level. As of 1:30 cdt, the projected (extrapolated) volume looks to be coming in lighter...supply is drying up. Edit: LOD = 5.91; Close = 5.92; Volume = 19m. The volume needs to dry up on the test tomorrow.
Yesterday's move was out of character in context of the past 3 months... Falling below both the 10 and 50 DMA But still in character compared to the Energy Sector, as WFT has gone against the grain for those 3 months I like Newton on this one... An object in motion will stay in motion unless acted on by an outside force
