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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Mike “Mish” Shedlock
joins us to discuss the latest act of interest rate self-immolation by
the European Central Bank. It’s just as predicted by FSN, the economic
bad news and depression is shifting from the US to other parts of the
world. Now, we can look forward to awful headlines coming out of Europe.
Mish’s blog shows that the Bank of Spain just discovered 20.5 billion
Euros worth of bad loans on their books. We’re shocked and we’re sure
you are too! Keep watching as the tragi-comedy continues.