Blue Water Publishes Ideas For Dril-Quip
Blue Water Capital Markets has published a research report for Dril-Quip Inc. (NYSE: DRQ).
In the report, Blue Water writes "DRQ is showing a growing negative divergence between price and money flow. The stock has rallied over 50% from the June 2 low and may be getting extended. We expect DRQ to pull back to “catch up” with money flow particularly if the market starts showing weakness. This may take up to a couple of weeks so we need to be patient and wait for the price range to be tested. Our work suggests significant resistance in the $67.00 - $69.00 range and we will watch how the stock behaves as it approaches that level."
Dril-Quip Inc. closed yesterday at $62.11.
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