Is Rowan Companies Breaking Out?
Published on Friday, 27 April 2012 08:16 Written by TradersHuddle Wire
New York, April 27th (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) closed the session at $34.60 just above calculated resistance at $34.51. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $32.49 and resistance at $34.51. Given that this range was broken, traders will be closely monitoring Rowan's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Rowan Companies is still near the broken resistance level, traders will be focusing on the $34.51 level to see if the stock holds the breakout without rolling over.
- Rowan Companies Is Near to the 50 and 200 Day Moving Averages
- Is Rowan Companies Ready for a Break Out?
- Is Rowan Companies Expecting Resistance?
- Rowan Companies near Support
- Rowan Companies Is in a Well Structured Setup
- Near Key Levels: Rowan Companies
- Rowan Companies Is Close to Important Price Levels
- Rowan Appoints Tore I. Sandvold as New Director
- Critical Alerts For Citigroup, Time Warner Cable, Rowan, Stratasys, and The Medicines Company Released By InvestorsObserver
- Trading Idea: Key levels for Rowan Companies
Related Partner Headlines
- UPDATE: Dahlman Rose Downgrades Rowan Companies to Hold - Benzinga
- Stocks With a One-Two Punch - TheStreet.com
- Rowan Companies PLC (RDC): Today's Featured Energy Winner - TheStreet.com
- UPDATE: Global Hunter Securities Downgrades Rowan Companies to Neutral, Lowers PT - Benzinga
- UPDATE: Goldman Sachs Lowers PT on Rowan Companies from $42 to $39 - Benzinga
- Rowan Companies PLC Stock Upgraded (RDC) - TheStreet.com
- UPDATE: Deutsche Bank Reduces PT to $42, Reiterates Buy on Rowan Companies; One-Off Events Behind - Benzinga
- Rowan, Tenet: S&P Gainers - TheStreet.com
- Rowan: S&P Intraday Gainer - TheStreet.com
- UPDATE: Citi Raises Price Target on Rowan Companies to $37 - Benzinga
Latest Partner Headlines
Dow Today: Verizon Communications (VZ) Higher - TheStreet.com
Separating the Bargains From the Busts - TheStreet.com
Cramer Quick Take: The 60-Inch TV Will Be Key This Holiday - TheStreet.com
Cramer Quick Take: Cisco Wins If Fiscal Cliff Is Resolved - TheStreet.com
Gap Up and Sit - TheStreet.com
Apple, Intel, MicroStrategy: Tech Winners & Losers - TheStreet.com
Windows 8 PC Sales Disappointing: Report - TheStreet.com
Cramer Quick Take: Buy Home Depot and Lowe's - TheStreet.com
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:15,257.55 Trade time:2:04PM EDT Value change:▼60.68 (-0.40%)
S&P 500Company ID [INDEXSP:.INX] Last trade:1,644.63 Trade time:2:04PM EDT Value change:▼7.18 (-0.43%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:3,465.56 Trade time:2:04PM EDT Value change:▼16.62 (-0.48%)
In The Wires
Haemonetics Announces Next Steps in Manufacturing Transformation
Canadian High Yield Bond Fund Declares Distributions
TD Bank Group to Repurchase up to 12 Million of its Common Shares
Nickelodeon And Crayola Draw Up New Adventures This Fall With Extended Licensing Partnership
AK Steel Announces Pricing of $30 Million Add-On Offering of Senior Secured Notes
Monsanto's Robert T. Fraley Named 2013 World Food Prize Laureate
Southern Company recognized as a top employer for workers over 50
5 Elements Independent Authors Must Include in their Press Kits