When price clears 65.53
With daily volume greater than average
Target: 71.50 area
Depending on your risk tolerance: 63.54 gets you 3/1 Risk/Reward.
Resistance: All time high at 70.18
This trade idea is not trade advice. This idea is strictly based on my ideas and technical analysis. Not due diligence or fundamental analysis was performed while evaluating this...
Energy is the worst performing sector this year, according to TradeStation data. Oil-field servicer Weatherford has bucked the trend so far, but will it continue?
Notice how the May 1 high of $66.52 was lower than the March peak. Combined with the March low below $52, this potentially creates two downside patterns.
First is a falling price channel. Second is a...
Sitting near all-time highs, WFRD is one of the strongest looking setups in the market. Enormous EPS growth estimates for next year, coiling up tightly post-earnings, showing massive relative strength.
A breakout on volume for this name would be one of the very few breakouts that I would trust in the current market. Energy stocks seem to have the ability to be...
The breakout is on a surge of volume following "quiet accumulation" patterns in candlestick trendline and AccumDist indicators. Possible run to earnings for short-term.
$WFRD is also in the oil machinery group and setting up. I've posted about $WFRD when it was setting up a lower risk cheat entry and it triggered on 02/01.Carries a bit more risk here with 4 days into earning.
My larger WL full of oil and gas stocks.
Most are not crisp and the volume in their pivot is so high. look at $HES for example. That vol in the pivot is the exact opposite what should happen before strong breakouts.
I'll probably focus on $WFRD - still a bit wide with 12% pivot
Energy (petrolium) companies end raw material are on the rise. WFRD is no different.
With current momentum, could see a 93-94% price per share increase.
Cup'n handle on the weekly, not confirmed yet.
If confirmed:
Price target = 38.55$
Stay humble, have fun, make money!
