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Mar 6, 2017 10:24 PM

$MDR - MCDERMOTT INTL - Buy Long

Description

Initiating long from $7 on MDR. Very strong run up at the end of last year, price has consolidated over the last couple of months with a recent pull back to the 6.50 area where we saw a lot of buying pressure on decent volume. This coincides with the 0.5 fib.

RSI & Stoch oversold, decent financials, target $9.

Comment

Holding for now, stop is 5.80 just below 200MA.

Comment

Price dropping due to news on oil. Will hold till 5.80 as I mentioned above.
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