The “Chart of the Day” is Pride International (PDE), which showed up on Wednesday’s Barchart “NYSE 12-month High” list. TrendSpotter on Wednesday issued a new Buy signal for Pride and then the stock on Thursday rallied by 0.68% to post a new 1-year high. Citigroup on Wednesday said it expects more mergers in the Oil Service industry – Pride International was mentioned in the report although Citi downplayed the takeover opportunity because it feels that Pride is more fully priced than other potential targets like Dresser Rand (DRC), FMC Technologies (FTI), and Superior Energy (SPN). Pride International, with a market cap of $5.7 billion, is a leading international provider of contract drilling and related services, operating both offshore and on land.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “New Highs/Lows” page. Then we clicked on the entry for NYSE 12-month highs. A new 12-month high is a popular sign of upside momentum. We then clicked on the “12-Month # Highs” column heading twice in order to sort the list in ascending order. Stocks with the fewest number of 12-month highs over the past 12 months are stocks that have only recently broken out to a new 12-month high and may have better upside potential then stocks that have already rallied sharply and have posted many new 12-month highs.
Barchart’s Opinion trading systems are all a Buy and Barchart’s daily TrendSpotter trading system is a “Buy.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- TrendSpotter: Buy
- Short-Term Indicators: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 100% Buy
Chart of the Day provided by www.Barchart.com.
Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.
