The sun sets behind two offshore oil platform rigs under construction in Port Fourchon, La.SAUL LOEB/AFP / Getty Images
Hornbeck Offshore Services Inc. had a sharp decline from $59.43 (U.S.) to $10.28 (A-B), followed by a recovery rally to $30.76 (C) and then a wide multi-year area of accumulation mostly between $15 and $31 (dashed lines). Recent price action to $36.24 (D) confirmed the breakout from the trading range and signalled higher targets. The subsequent pullback toward its 40-week moving average was orderly and should give way to a new up-leg (E). Only a decline below about $27 would be negative.
Point & Figure measurements provide targets of $39 and $44. Higher targets are visible.
Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.
Chart source: www.decisionplus.com
Monica Rizk
Ron Meisels