Candlestick chart shows the uptrend for Precision Drilling
Precision Drilling (PD:TSX) 2-Year Weekly Chart
Reference the previous weekly chart for Precision Drilling. Also reference the chart analysis based on the daily candlestick chart.
The important point from this chart is that the stock is in an uptrend and you always trade in the direction of the trend. But, Precision Drilling is a little overextended as indicated by the height above the 50-day moving average so we could see a correction to support at $13.50. If the stock broke $13.50, the next minor support level would be $13.00. Major support is at $12.00 which is near the the 50-day moving simple moving average.
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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.