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 progressing cavity pumps, reciprocating rod lift systems,
gas lift systems, hydraulic lift systems, plunger lift systems, hybrid
lift systems, and wellhead 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; and well construction services, such as tubular
running services, cementation tools, liner systems, swellable products,
solid tubular expandable technologies, and inflatable products and
aluminum alloy tubular products. In addition, it designs and
manufactures drilling jars, underreamers, rotating control devices, and
other pressure-control equipment used in drilling oil and natural gas
wells; provides a line of completion tools and sand screens; and offers
rental of in-house or third-party manufactured equipment for the
drilling, completion, and workover of oil and natural gas wells to
operators and drilling contractors.
To review Weatherford's stock, please take a look at the 1-year chart
of WFT (Weatherford International, Ltd.) below with my added notations:
Over the last 12 months WFT has consistently moved higher. Since
March though, the stock has formed a nice trendline of support (blue).
Always remember that any (2) points can start a trendline, but it's the
3rd test and beyond that confirm its importance. Obviously WFT's
trendline is important to the stock since it has been tested on multiple
occasions over the last (8) months.
The Tale of the Tape: WFT has created a nice
trendline of support over the last (8) months. A long position could be
entered on a pullback to that trendline, which is approaching $16, with a
stop placed below that level. A short position could be entered if WFT
were to break the trend line support.
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