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 reciprocating rod lift systems, progressing cavity pumps, gas lift systems, hydraulic lift systems, plunger lift systems, hybrid lift systems, wellhead systems, and multiphase metering 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. In addition, it designs and manufactures drilling jars, under reamers, rotating control devices, and other pressure-control equipment used in drilling oil and natural gas wells; and offers a selection of in-house or third-party manufactured equipment for the drilling, completion, and work over of oil and natural gas wells for operators and drilling contractors, as well as a line of completion tools and sand screens. Further, the company provides wireline and evaluation services, as well as well abandonment and wellbore cleaning services; stimulation and chemicals, including fracturing and coiled tubing technologies, cement services, chemical systems, and drilling fluids.
To review Weatherford's stock, please take a look at the 1-year chart of WFT (Weatherford International Ltd.) below with my added notations:
WFT had been trading within a sideways Rectangle for the last (3) months. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern. What's great about a Rectangle pattern is that it not only provides you with trading points of support & resistance, but it also gives clearly defined breakout & breakdown points. The Rectangle pattern on WFT formed a $13 resistance (blue), which was also previous support, and an $11.50 support (lt. blue). Late last week the stock broke through the resistance.
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