Parker Drilling Company, PKD, consolidation
Parker drilling has been on a very steep uptrend since mid. November, most likely due to the change in management from October 1st 2012. Such trends are typical for PKD, thus yielding a beta of around 2.1
The company has scheduled to have their 2012 Q4 earnings report on February 21st and in the past two weeks it has consolidated between $5.38 and $5.74.
It has constructed a symmetrical triangle with a false breakout from its recent $5.69 high, which has pulled back to $5.64. This can be a good place to look out for a future breakout about the $5.7 - $ 5.8 level and taking a long position with a tarket around the $6.2 - $6.25 leve.
The company has scheduled to have their 2012 Q4 earnings report on February 21st and in the past two weeks it has consolidated between $5.38 and $5.74.
It has constructed a symmetrical triangle with a false breakout from its recent $5.69 high, which has pulled back to $5.64. This can be a good place to look out for a future breakout about the $5.7 - $ 5.8 level and taking a long position with a tarket around the $6.2 - $6.25 leve.
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