Thursday, August 8, 2013

Cameron International Corporation (NYSE: CAM)

Cameron International Corporation provides flow equipment products, systems, and services worldwide. Its Drilling & Production Systems segment offers systems and equipment to control pressures and direct flows of oil and gas wells, and designs and manufactures structural components for land and offshore drilling rigs. This segment provides surface and subsea production systems, blowout preventers, drilling and production control systems, block and gate valves, actuators, chokes, wellheads, manifolds, drilling risers, top drives, mud pumps, elastomers, and other rig products. The company's Valves & Measurement segment offers valves and measurement systems primarily to control, direct, and measure the flow of oil and gas. This segment provides gate and ball valves, butterfly valves, double block and bleed valves, plug and globe valves, check valves, actuators and chokes. Its Process & Compression Systems segment offers process packages for the separation and treatment of impurities. This segment provides oil and gas separation equipment, heaters, dehydration and desalting units, gas conditioning units, membrane separation and water processing systems, integral engine-compressors, separable reciprocating compressors, two and four-stroke cycle gas engines, turbochargers, integrally-geared centrifugal compressors, compressor systems and controls.
To review Gannett's stock, please take a look at the 1-year chart of CAM (Cameron International Corporation) below with my added notations:
1-year chart of CAM (Cameron International Corporation) There's a lot to discuss on the chart of CAM. First, the stock has been stuck in a sideways move for about (6) months, and along the way, has created a key level of $60 (blue) that has been support ever since the stock got above it. Next, that stock has formed resistances at both $65 (navy) and $66 (red), the latter being a 52-week high resistance. A break below $60 should mean lower prices for the stock and a break above $66 would most likely mean higher prices ahead.
Also take note of the fact that CAM has falsely broke higher and falsely broke support (brown). This is why stops are essential.
The Tale of the Tape: CAM is trading within somewhat of a rectangle pattern. The possible long positions on the stock would be either on a pullback to $60, or on a breakout above $66 (An “alert” could be set on a move above $65). The ideal short opportunity would be on a break below $60.
Please share this article

No comments:

Post a Comment