Rowan Companies is Near a Key Support Area
Published on Wednesday, 04 April 2012 07:52 Written by TradersHuddle Wire
New York, April 4th (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) are trading very close to calculated support at $32.02 with price action closing at just $32.64 and placing the stock near levels where traders will start paying attention.
Rowan's stock range is defined by its calculated support defined at $32.02 and by the resistance level at $37.15, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.
Traders wanting to establish a position should pay close attention to Rowan's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $37.15 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
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.
- KeyCorp Reports 2013 Dodd-Frank Act Mid-Cycle Stress Test Results
- KeyCorp To Present At The Barclays Global Financial Services Conference
- Randy Paine Named President Of KeyBanc Capital Markets
- KeyCorp Third Quarter 2013 Earnings Release Date And Conference Call
- KeyCorp Closes On Sale Of Victory Capital Management And Affiliate
- KeyCorp Reports Second Quarter 2013 Net Income of $193 Million, or $.21 Per Common Share
- KeyCorp Declares Quarterly Cash Dividend Of Five And One Half Cents
- KeyBank Selected To Pilot U.S. Global Business Solutions Initiative To Increase Small Business Exports
- Organic Growth, Not Merger and Acquisitions, is Driving Middle Market Expansion
- KeyCorp Second Quarter 2013 Earnings Release Date And Conference Call
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines