Close to Key Levels: Rowan Companies
Published on Wednesday, 21 March 2012 08:32 Written by TradersHuddle Wire
New York, March 21st (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) closed the session at $35.38 near its 50 day and 200 day moving averages set at $35.69 and $34.79 respectively. Rowan's price action is above the 200 day moving average but below its 50 day moving average, signaling a possible break out.
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 Companies price action seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach to enter the stock, appears to be the best way to maximize possible movements from the stock, as traders could enter Rowan Companies with a small position and wait for the stock to break out above the 50 day moving average at $35.69, where traders could add to their position as momentum builds with the breakout. The flip side will be if support being referenced at the 200 day moving average set at $34.79 breaks it could mean further downside in the horizon for Rowan Companies.
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