Ensco plc provides offshore contract drilling services to the oil and
gas industry worldwide. The company operates through three segments:
Floaters, Jackups, and Other. The company owns and operates an offshore
drilling rig fleet of approximately 74 rigs, including 9 drill ships, 13
dynamically positioned semisubmersible rigs, 6 moored semisubmersible
rigs, and 46 jackup rigs. Its drilling rigs are located in Brazil,
Europe, Mediterranean region, the Middle East and Africa region, and the
Asia Pacific rim region, as well as in the North and South America
regions. The company also offers management services on rigs owned by
third-parties. It serves government-owned and independent oil and gas
companies, as well as independent operators. Ensco plc was founded in
1975 and is based in London, the United Kingdom.
Please take a look at the 1-year chart of ESV (Enso, Plc.) below with my added notations:
With exception to a few moves here and there, ESV has traded mostly
sideways since August of last year. During that period of time, you will
notice that the stock commonly reacts to the $60 price. That price has
been resistance (red) on multiple occasions and back in January it also
acted as support (blue), just as it has a couple of times here recently.
The Tale of the Tape: ESV tends to react to $60. A
trader could enter a long position at $60 with a stop placed under the
level. If the stock were to break below that support a short position
would be recommended instead.
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