Nabors Industries Ltd., together with its subsidiaries, provides
drilling and rig services, and completion and production services. The
company offers equipment manufacturing, rig instrumentation,
optimization software, and directional drilling services. It also
provides completion, life-of-well maintenance, and plugging and
abandonment of a well. In addition, the company markets approximately
466 land drilling rigs for oil and gas land-based drilling operations in
the United States, Canada, and approximately 20 other countries
worldwide; approximately 445 rigs for land well-servicing and workover
services in the United States; 98 rigs for land well-servicing and
workover services in Canada; 42 rigs for offshore drilling operations in
the United States and internationally; and 7 jackup units and
components of trucks and fluid hauling vehicles.
Take a look at the 1-year chart of Nabors (NYSE: NBR) below with my added notations:
Starting in July, NBR declined steadily into December, and from there
the stock started a 4-month, sideways move. During that sideways move,
NBR has created an obvious resistance at $14 (blue). A break above that
$14 level should mean higher prices for the stock.
The Tale of the Tape: NBR has a key level of
resistance at $14. A long trade could be entered on a break through that
level. However, if you are bearish on the stock, a short trade could be
made on any rallies up to $14.
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