Weekly Dynamic Chart: Bristow Group Inc. provides industrial aviation services to the offshore energy industry in Africa, the Americas, the Asia Pacific, and Europe Caspian. Its helicopters are used principally to transport personnel between onshore bases and offshore production platforms, drilling rigs, and other installations, as well as to transport time-sensitive equipment to these offshore locations. The company also offers helicopter flight training services to commercial pilots and flight instructors, as well as military training services through its Bristow Academy. In addition, it provides helicopter repair and maintenance services; and search and rescue services to oil and gas companies. The company provides its helicopter services to integrated, national, and independent oil and gas companies. As of March 31, 2016, it operated a fleet of 463 aircraft. The company was formerly known as Offshore Logistics Inc. and changed its name to Bristow Group Inc. in February 2006. Bristow Group Inc. was founded in 1955 and is headquartered in Houston, Texas.
Saturday Feb 4, 2017: As you can see from a weekly chart (dynamic weekly above) BRS printed a selling climax one year ago in Feb 2016 at about $10. It then had a change of character from the downtrend and printed an automatic rally culminating in late April of 2016 at about $23. From there it went into a trading range that appears to be accumulation as opposed to re-distribution. As usual, the analcysts were downgrading at the lows, at retests of the $10 selling climax. One has to assume that their agenda was to persuade the public to sell so that their nearest and dearest could buy as much of the float as possible. This trading range has built enough cause, based on $1 by 3-box-reversal point and figure count, to effect a long-term move to $50. I noted when searching this name, prior to starting a new thread, that @Steven_Burt had selected it as his weekly long pick in late October/early November 2016. He may have won the weekly contest on that pick.
I suspect the test into $16 on Thursday used up the short-term downside cause built in that little trading range (TR) in the $21-area and that Thursday marked the Last Point of Support (LPS) of the larger TR. It also marks a Back-Up-to-Creek (BUC) of the medium sized TR. The medium-sized TR , in the $11 to $17-area, built cause for an effect to $35 and the largest TR has an objective of $50. So I'd expect a stepping-stone accumulation range to develop in the $35-area prior to a move to a $50 or higher depending if additional cause gets built. Of course none of that is confirmed until this breaks out and prints 2 higher-lows and 2 higher-highs. I think near-term though, with the strength shown on Fryday, it will test $23 which by itself would be a 12% move from here. A better entry may be on a retracement of 1/2 of Fryday's move or it may break above Fryday right off. Will have to shift gears to a lower time frame for entry. Daily Vertical Chart:
