Entry points for Rowan Companies

New York, March 15th (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) closed the session at $35.93 near its 50 day and 200 day moving averages currently set at $35.3148 and $34.8418 respectively. Rowan's price action is above these important levels, which could translate into a 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.

Although, the price action is above these moving averages, it's important to highlight that the 50 day moving average is currently above the 200 day moving average, signaling that the stock is not technically broken from the long side and buying the dip strategy might be the best setup out there.

Looking at peaks and troughs horizontal support and resistance levels, we can see its calculated support at $34.7 and calculated resistance at $36.68. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

If traders want to establish a position on Rowan Companies need to place special attention to the stock price action and establish a position as close to the moving averages as possible. Also, traders need to consider the latest price action, via the stocks current range defined by the peaks and troughs algorithm, not forgetting that if the stock had a wild move outside its range, it would certianly take a few days to establish support and resistance.

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