PFC The Beginning Of A New Uptrend
This could be the start of a new Uptrend.
Price action is looking constructive with a more clearly defined trend channel.
Potential breakaway gap, if not closed is a bullish development.
Previous areas of support & resistance above shown by dashed red lines.
If price can break and hold above 45
About Petrofac Limited
Sector
Industry
CEO
Tareq Kawash
Website
Headquarters
London
Founded
1981
ISIN
US7164731033
FIGI
BBG001LV9SQ6
Petrofac Ltd. engages in the provision of services to the oil and gas production and processing industry. It offers engineering and construction; operations and maintenance; and training and competence. The firm operates through the following segments: Engineering and & Construction, Asset Solutions, and Integrated Energy Services. The Engineering and Construction segment provides fixed-price engineering, procurement and construction project execution services and reimbursable engineering, procurement and construction management services to the onshore and offshore oil and gas industry. The Asset Solutions segment includes reimbursable engineering and production services activities to the oil and gas industry. The Integrated energy Services Segment Includes focused on delivering value from the existing asset portfolio. The company was founded in 1981 and is headquartered in London, the United Kingdom.
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Is Petrofac finally putting in its low? PFCPetrofac, a global oilfield services provider, has recently faced challenges reflected in its balance sheet problems, causing a significant decline in its share price.
However, for savvy investors, this downturn may present a compelling risk-to-reward entry point. The company's strategic moves to
PETROFAC Limited - Bullish divergenceA 92% correction from July 2012 (ouch) creating a considerable oversold condition (as if it was not already obvious) there now exists an ‘incredible buy opportunity’ for those brave enough.
Why Bullish?
1) The bears are exhausted - this is indicated by the ‘capitulation’ volume candles. Remember,
Petrofac Not Looking Good... Yet.Despite being one of the stocks many value Hedge Fund managers claim to have into their portfolio (Cobas Asset Management, Azvalor, First Eagle, Toscafund, Templeton Global etc), it seems the share price has not reached the maturity cycle to attract the bulls... yet. I like the company, but I do not
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Summarizing what the indicators are suggesting.
Oscillators
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Neutral
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Neutral
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Neutral
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Moving Averages
Neutral
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Moving Averages
Neutral
SellBuy
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Strong sellSellNeutralBuyStrong buy
Displays a symbol's price movements over previous years to identify recurring trends.