Carbo Ceramics Inc., an oilfield services technology company,
manufactures and sells ceramic proppants, resin-coated ceramic, and
resin-coated sand proppants for use in the hydraulic fracturing of
natural gas and oil wells in the United States and internationally. The
company also provides fracture simulation software under the FracPro
brand, as well as offers hydraulic fracture design and consulting
services under the StrataGen brand. In addition, it provides for spill
prevention, containment, and countermeasure systems for the oil and gas
industry. The company principally sells its products and services to
operators of oil and natural gas wells, and oilfield service companies.
Take a look at the 1-year chart of Carbo (NYSE: CRR) with the added notations:
CRR has been trading mostly sideways for all of 2015. Along the way,
the stock has repeatedly found support at $30 (green). Now that the
stock appears to be falling back down to that support level again,
traders might be able to expect some sort of bounce. However, if the $30
support were to break, lower prices should follow.
The Tale of the Tape: CRR has an important level of support at
$30. A trader could enter a long position at $30 with a stop placed
under the level. If the stock were to break below the support a short
position could be entered instead.
No comments:
Post a Comment