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Workers tap deep into North Dakota’s Bakken formation, on a Precision Drilling rig. (Nathan VanderKlippe For The Globe and Mail)
Workers tap deep into North Dakota’s Bakken formation, on a Precision Drilling rig. (Nathan VanderKlippe For The Globe and Mail)

What the Charts Say

Bullish on Precision Drilling Add to ...

Precision Drilling Corp. had a sharp rise from $6.22 in 2010 (A) to $17.20 in 2011 (B) above a rising trend-line (solid line). The stock fell below support and its 40-week moving average (40wMA) in mid-2011 (C) but settled in a large trading range mostly between $7 and $9.50 (dotted lines). The recent rise to $10.05 (D) signalled the breakout from the trading range and above the long-term falling trend-line (dashed line). Only a decline below about $8.50-8.75 would be negative.

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Point & Figure measurements provide an initial target of $12. 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.

Follow us on Twitter: @Monicarizk1, @RonsBriefs

 
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