Long Position on VAL @ $74.00 on 8/18/2023 (Momentum)

Valaris Limited (VAL) provides offshore contract drilling services to the international oil and gas industry. 

The company owns an offshore drilling rig fleet, which include drillships, dynamically positioned semisubmersible rigs, moored semisubmersible rig, and jackup rigs.

It serves international, government-owned, and independent oil and gas companies in the Gulf of Mexico, South America, the North Sea, the Middle East, Africa, and Asia Pacific. 

Shares have formed a bullish "cup and handle" and higher share prices are expected. On August 1st, VAL reported a loss of $0.29 per share on revenue of $415.20 million for the . Revenue grew 0.46% on a year-over-year basis. Higher share prices are expected. 

Entry Point: $74.00

Stop Loss: $71.00

Trading Range: $6.54 to $80.00

Target Price: $81.40

Position closed on 9/19/2023 at price of $76.15 with a 2.91% gain in 31 days.

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