Close to the 200 Day - Rowan Companies

Published on Wednesday, 08 February 2012 08:04 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) traded at $36.60 close to its 200 day moving average currently set at $35.14. Rowan's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

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.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $33.72 and calculated resistance at $37.71. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Rowan Companies stock.

Traders wanting to establish a position on Rowan Companies will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.