Is Rowan Companies Breaking Out?
Published on Tuesday, 31 July 2012 09:08 Written by TradersHuddle Wire
New York, July 31st (TradersHuddle.com) - Shares of Rowan Companies, Inc. (NYSE:RDC) closed the session at $36.34 just above calculated resistance at $35.44. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
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 $33.28 and resistance at $35.44. 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 $35.44 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
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- 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
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- Rowan: S&P Intraday Gainer - TheStreet.com
- UPDATE: Citi Raises Price Target on Rowan Companies to $37 - Benzinga
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