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What the Charts Say

Bullish on Hornbeck Offshore Add to ...

Following our report on Dec. 10, 2011 ($34.62 U.S.), Hornbeck Offshore Services Inc. had a breakout from a large trading range (dashed lines) and reached a high of $43.16 for a 25-per-cent appreciation at that time (A). Subsequently, the stock settled in another trading range mostly between $32 and $43.50 (dotted lines). The recent rise to $46.68 (B) signalled the breakout from this second area of accumulation and the start of a new major up-leg. Only a decline below $38-$39 would be negative.

Point & Figure measurements provide targets of $49 and $54. 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 and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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