Near-term uptrend and major resistance at $9.00
Precision Drilling near-term uptrend will meet resistance at $9.00. Unless there is a confirmed break above this level, there is no reason to hold this stock.
The Canadian energy sector which represents 27.88% of the S&P/TSX Composite Index is not participating in the intermediate uptrend in global equities. It is a major reason (along with materials) why the TSX Index is not moving up relative to global equities. The Canadian crude oil discount, caused in part by pipeline constraints, has added to the pain in the energy sector.
Reference the last chart analysis for Precision Drilling posted on July 26, 2012.
Visit the Precision Drilling website for a profile of the company and the latest financial numbers.
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. 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.
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