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Rowan Companies (NYSE: RDC) – $27.74
Rowan Companies has an improving technical profile. This morning, the stock broke resistance at $27.54. Current intermediate upside potential is to $35.75.
Chart courtesy of StockCharts.com www.stockcharts.com
Rowan Companies is the first major U.S. oil service stock to break resistance and reach a 17 month high. The Oil Service sector has a history of moving higher from the end of January to the middle of May. History is repeating during its current period of seasonal strength. Following is a 20 year seasonality study on the U.S. oil services sector recently completed by Brooke Thackray.
Sherritt (TSE:S) – $8.22 has an improving intermediate technical profile. S broke resistance at $8.44 this morning. It is the first key TSX Mines and Metals stock to break resistance and move to a 17 month high. Current intermediate upside potential is to $12.25.
Chart courtesy of StockCharts.com www.stockcharts.com
Mines and Metals stocks currently are in a period of seasonal strength that lasts until May. Following is a 19 year seasonality chart on the sector recently developed by Brooke Thackray.
Other Break Outs above resistance this morning included Boardwalk Equities (BEI/UN) on the TMX and FMC Technology (FTI) International Flavors & Fragrances (IFF), Parker Hannifin (PH) and Torchmark (TMK) in U.S. exchanges.
Breakdowns below support this morning included Davis & Henderson (DHF/UN) on the TMX and Staples (SPLS) on U.S. exchanges following less than consensus quarterly earnings.
Disclaimer: Comments offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. An attempt to provide accurate data has been made, but accuracy is not guaranteed.
Don Vialoux is a research analyst for JovInvestment Management Inc. All of the views expressed herein are the personal views of the author and are not necessarily the views of JovInvestment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by JovInvestment Management Inc
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March 3rd, 2010 at 1:24 pm
Hi. Don:
Thank you very much to reply yesterday! I don’t know that if it is too late for me to get some bank like BMO. Like Sherritt (TSE:S) is breaking out today. Is this a good entry point? Even if Williams %R shows over bought.
March 3rd, 2010 at 4:24 pm
Don, RDC has risen on very high volumes for the last six days but all the momentum indicators (Stochastics, RDI, MACD) suggest a very overbought stock. Baker Hughes shows a break above resistance today but is only just slightly less overbought.
Would you suggest we wait for the first signs of weakness or would we be better off with OIH, whose profile is still strong but nowhere near the other two mentioned above?
March 3rd, 2010 at 6:20 pm
Hi Don
I will appreciate if you can tell me the seasonality for BERKSHIRE HATHAWAY-BRK.B
Thanks
NG