Trading Idea - Rowan Companies Broke Resistance, What to Expect?

Published on Thursday, 26 January 2012 07:28 Written by Danny Miller

New York, January 26th (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) closed the trading session at $35.44 just above calculated resistance at $35.15 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Rowan Companies, Inc. (NYSE:RDC) provides contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.

Rowan's stock was trading in a well defined range with support at $29.04 and resistance at $35.15, given that this range was broken traders will be closely monitoring the stock