Rowan Companies Is in a Well Defined Range

New York, May 1st ( - Rowan Companies, Inc. (NYSE:RDC) closed the trading day at $34.53, near its 50 day and 200 day moving averages set at $34.65 and $34.22 respectively. Rowan's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals 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 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, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Rowan Companies and wait for the stock to break out above its 50 day moving average at $34.65. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $34.22 breaks, it could signal further downside pressure for Rowan Companies.

TradersHuddle Search

Stock Search:

Site Search:


Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

o Dow Jones 17,529.05 ▼160.81 (-0.91%)
o S&P 500 2,090.19 ▼13.65 (-0.65%)
o NASDAQ 5,100.04 ▼28.24 (-0.55%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,529.05 Trade time:3:09PM EDT Value change:▼160.81 (-0.91%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,090.19 Trade time:3:09PM EDT Value change:▼13.65 (-0.65%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:5,100.04 Trade time:3:09PM EDT Value change:▼28.24 (-0.55%)

In The Wires

Copyright © 2013 All Rights Reserved.