Rowan Companies has an improving technical profile. This morning, the stock broke resistance at $27.54. Current intermediate upside potential is to $35.75. Rowan Companies is the first major U.S. oil service stock to break resistance and reach a 17 month high. The Oil Service sector has a history of moving higher from the end of January to the middle of May. History is repeating during its current period of seasonal strength. <\/p>\n
Sherritt (TSE:S) – $8.22 has an improving intermediate technical profile. S broke resistance at $8.44 this morning. It is the first key TSX Mines and Metals stock to break resistance and move to a 17 month high. Current intermediate upside potential is to $12.25.<\/p>\n
Mines and Metals stocks currently are in a period of seasonal strength that lasts until May. Following is a 19 year seasonality chart on the sector recently developed by Brooke Thackray. Metals and Mining % Gain Avg. Year 1990\u20102009\u20104\u201020246810JanFebMarAprMayJunJulAugSepOctNovDec% Gain<\/p>\n
Other Break Outs above resistance this morning included Boardwalk Equities (BEI\/UN) on the TMX and FMC Technology (FTI) International Flavors & Fragrances (IFF), Parker Hannifin (PH) and Torchmark (TMK) in U.S. exchanges.<\/p>\n
Breakdowns below support this morning included Davis & Henderson (DHF\/UN) on the TMX and Staples (SPLS) on U.S. exchanges following less than consensus quarterly earnings.<\/p>\n
Disclaimer: Comments offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. An attempt to provide accurate data has been made, but accuracy is not guaranteed.<\/p>\n
Don Vialoux is a research analyst for JovInvestment Management Inc. All of the views expressed herein are the personal views of the author and are not necessarily the views of JovInvestment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by JovInvestment Management Inc <\/p>\n
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Rowan Companies has an improving technical profile. This morning, the stock broke resistance at $27.54. Current intermediate upside potential is to $35.75. Rowan Companies is the first major U.S. oil service stock to break resistance and reach a 17 month high. The Oil Service sector has a history of moving higher from the end of […]<\/p>\n","protected":false},"author":4060,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-385448","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/385448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4060"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=385448"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/385448\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=385448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=385448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=385448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}