WFRDWill long this untested level. This is a failure to gain on the yearly chart and a major point of support. I dont expect it going to the level below.
1WFRD trade ideas
WFRD Divergence ShortWFRD Divergence of the cumulative delta shows that there are big limit sell orders keeping the price down. Targeting the low of the volume shelf.
$WFRD Short on weekly RSI signalNASDAQ:WFRD short due to RSI bouncing off underside of RSI-mean. DYDD.
WFRD Entry, Volume, Target, Stop, ResistanceWhen price clears 65.53
With daily volume greater than average
Target: 71.50 area
Depending on your risk tolerance: 63.54 gets you 3/1 Risk/Reward.
Resistance: All time high at 70.18
This trade idea is not trade advice. This idea is strictly based on my ideas and technical analysis. Not due diligence or fundamental analysis was performed while evaluating this trade idea. Do not take this trade based on my idea, do not follow anyone blindly, do your own analysis and due diligence. I am not a professional trader.
Will Weatherford Follow Other Energy Names Lower?Energy is the worst performing sector this year, according to TradeStation data. Oil-field servicer Weatherford has bucked the trend so far, but will it continue?
Notice how the May 1 high of $66.52 was lower than the March peak. Combined with the March low below $52, this potentially creates two downside patterns.
First is a falling price channel. Second is a potential ABC correction. Both of those formations could point toward the January low around $47.
Next, this chart includes our MA speed custom script with the default setting of the 50-day simple moving average (SMA). The SMA turned negative in late April for the first time since last summer. That could signal a weakening of the intermediate-term trend.
Finally, WFRD bounced at its 100-day SMA in March. It’s now returned to the same line. However this time, it’s showing much less of a rebound.
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WFRD - Weatherford InternationalSitting near all-time highs, WFRD is one of the strongest looking setups in the market. Enormous EPS growth estimates for next year, coiling up tightly post-earnings, showing massive relative strength.
A breakout on volume for this name would be one of the very few breakouts that I would trust in the current market. Energy stocks seem to have the ability to be one of the few areas of the market that's able to kick the bear in the face.
Breakout on accumulation patterns: WFRDThe breakout is on a surge of volume following "quiet accumulation" patterns in candlestick trendline and AccumDist indicators. Possible run to earnings for short-term.
$WFRD Breakout Setup$WFRD is also in the oil machinery group and setting up. I've posted about $WFRD when it was setting up a lower risk cheat entry and it triggered on 02/01.Carries a bit more risk here with 4 days into earning.
$WFRD Cup with HandleMy larger WL full of oil and gas stocks.
Most are not crisp and the volume in their pivot is so high. look at $HES for example. That vol in the pivot is the exact opposite what should happen before strong breakouts.
I'll probably focus on $WFRD - still a bit wide with 12% pivot
WFRD: Cup'n handle (93%), WEEKLYEnergy (petrolium) companies end raw material are on the rise. WFRD is no different.
With current momentum, could see a 93-94% price per share increase.
Cup'n handle on the weekly, not confirmed yet.
If confirmed:
Price target = 38.55$
Stay humble, have fun, make money!
