we need to hold above our current support the 57$+, and above our EMA, to confirm the reversal and continue to go to test the Resistant at 120$,
if we didn't hold above the 57$ support , we will be still in bullish trend as long as we hold above our ascending line which is above the 45$.
Broke up on strong volume on 11 Feb then retraced and retested this "resistence turned support" 2 days ago. Appears to hold which provided a second chance to stake at low risk for those who missed the boat on the initial breakup.
Keep a tight initial stop loss of about $2 below the support at $50.
Disclaimer: TA is about improving our odds of a successful trade...
Precision Drilling Corp. provides onshore drilling, completion, and production services to the oil and natural gas industry. It operates through the following segments: Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment includes drilling rig, directional drilling, oilfield supply, and manufacturing divisions....
- Rising Wedge Formation w/ major resistance @ $9.33
- SMA (100,200) Crossover on weekly chart
- Resistance Level is @ the 50% retracement from the previous high/low
- First Price Target @ $11.16
- Second Price Target @ $12.82
- Sharp recovery of last weekly candle to finish above key moving averages.
