Oceaneering International (NYSE: OII)

Oceaneering International, Inc. provides engineered services and products to the offshore oil and gas industry worldwide. The company’s Remotely Operated Vehicles (ROVs) segment offers submersible vehicles for drilling support in the oil and gas industry. The company’s Subsea Projects segment performs subsea oilfield hardware installation and inspection, maintenance, and repair services. Its Asset Integrity segment offers asset integrity services to enhance the reliability and safety of their facilities onshore and offshore, as well as third-party inspections to customers in the oil and gas, petrochemical, and power generation industries. The company’s Advanced Technologies segment offers project management, engineering services, and equipment for applications in non-oilfield markets.
Take a look at the 1-year chart of Oceaneering (NYSE: OII) below with my added notations:

Over the past 4 months OII has formed an inverse head and shoulders reversal pattern (green). I have noted the head (H) and the shoulders (s) to make the pattern more visible. The stock’s neckline resistance is at the $35 level (red). OII will confirm its H&S if it breaks through the neckline.
Keep in mind that simple is usually better. Had the inverse H&S pattern never been pointed out, one would still think OII was moving higher simply if it broke through the $35 resistance level.

The Tale of the Tape: OII has formed an inverse head & shoulders pattern. A long trade could be entered on a break through the $35 level.