Is Rowan Companies Expecting a Break Out?
Published on Friday, 23 March 2012 07:28 Written by TradersHuddle Wire
New York, March 23rd (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) closed the session at $33.42 near its 200 day moving average set at $34.76. Rowan's stock action is below this level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 200 day moving average.
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 $34.70 and calculated resistance at $37.15. These levels are being closely monitored by traders, as they provide great reference points for the latest price action in Rowan Companies shares.
Traders should evaluate their trade if they want to establish a position on Rowan Companies given the resistance could materialize as the stock approaches the 200 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however, until the break materializes, traders need to exercise patience. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price action reference points.
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