Long Position on WFT @ $6.10 on 3/23/2017 (Momentum)

Weatherford International public limited company (WFT) operates as a multinational oilfield service company worldwide.

It offers equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells.

The company operates through three business groups: Formation Evaluation and Well Construction, Completion and Production, and Land Drilling Rigs.

The Formation Evaluation and Well Construction business group provides managed-pressure drilling, drilling services, tubular running services, drilling tools and rental equipment, wireline services, testing and production services, re-entry and fishing services, cementing products, liner systems, reservoir solutions, and surface logging systems. The Completion and Production business group offers artificial lift systems, and stimulation and completion systems. The Land Drilling Rigs business group provides onshore contract drilling services and related operations, as well as operates a fleet of land drilling and workover rigs.

Shares are heading higher in an upward trading channel. The lower boundary of the said channel coincides with the stock's 50-day moving average. Higher share prices are expected for this stock.

52-Weeks Trading Range: $3.73 - $8.49

Entry Point: $6.10

Stop Loss: $5.75

Target Price: $6.75

Updates

4/21/2017 2:25:36 PM

WFT closed at $5.55

Position closed on 4/21/2017 at price of $5.55 with a -9.02% loss in 29 days.

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