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Technical analysis shows offshore services company Rowan Cos. is set to rise. (WADE CORNELL/Handout)
Technical analysis shows offshore services company Rowan Cos. is set to rise. (WADE CORNELL/Handout)

What the Charts Say

Bullish on Rowan Add to ...

Rowan Cos. Inc. rallied from $10.28 (U.S.) in 2009 to $44.83 in 2011 (A-B) and then settled in a large wedge formation made up of lower highs and even lows (dotted lines). The recent rise to $38.45 signaled the breakout and the start of a new up-leg from this large and very bullish pattern. Current prices should provide a good entry point and only a decline below the 40-week moving average (40wMA, currently near $35) would be negative.

Point & Figure measurements provide targets of $44 and $49. The large triangle formation (dotted lines) supports higher targets.

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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Follow us on Twitter: @Monicarizk1, @RonsBriefs

 
  • Rowan Companies PLC
    $17.75
    -1.80
    (-9.21%)
  • Updated June 24 4:05 PM EDT. Delayed by at least 15 minutes.

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