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Hercules Offshore Inc. had a sharp decline from $39.47 (U.S.) to $1.07 (A-B), followed by a horizontal trading range between $2 and $7 for more than three years (dotted lines). The recent price action (C) suggests the stock is on the verge of a breakout from this trading range. A sustained rise above $7.50-$8 would confirm the breakout. Hercules Offshore is somewhat overbought, but only a decline below about $5.70 would be negative.

A rise above $7.50-$8 would signal an initial target of $9. The large trading range (dotted lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More


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