Five Star Stock Watch: Weatherford International Ltd.
The company: Weatherford International Ltd.
Ticker Symbol: (NYSE: WFT)
Sector: Basic Materials
Industry: Oil & Gas Equipment & Services
Weatherford International Ltd. provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. It offers artificial lift systems, which include progressing cavity pumps, reciprocating rod lift systems, gas lift systems, hydraulic lift systems, plunger lift systems, hybrid lift systems, and wellhead systems.
The company also provides drilling services, including directional drilling, Secure Drilling services, well testing, drilling-with-casing and drilling-with-liner systems, and surface logging systems; and well construction services, such as tubular running services, cementation tools, liner systems, swellable products, solid tubular expandable technologies, and inflatable products and aluminum alloy tubular products.
Please take a look at the 1-year chart of Weatherford below with added notations:
Over the last 12 months Weatherford has consistently moved higher. Since March though, the stock has formed a nice trendline of support. Always remember that any two (2) points can start a trendline, but it’s the third test and beyond that confirm its importance. Obviously Weatherford’s trendline is important to the stock since it has been tested on multiple occasions over the last eight (8) months.
Weatherford is set to release quarterly earnings on November 4.
No matter what your strategy, or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.