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Long

$MDR - MCDERMOTT INTL - Buy

NYSE:MDR   MCDERMOTT INTERNATIONAL INC
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Initiating long from $7 on $MDR. Very strong run up at the end of last year, price has consolidated over the last couple of months with a recent pull back to the 6.50 area where we saw a lot of buying pressure on decent volume . This coincides with the 0.5 fib.

RSI & Stoch oversold, decent financials, target $9.
Comment: Holding for now, stop is 5.80 just below 200MA.
Comment: Price dropping due to news on oil. Will hold till 5.80 as I mentioned above.
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