For the past few weeks Atwood Oceanics (NY:ATW) has traded in a consisten pattern. While moving in an upward trend, the stock makes a new high, retreats a few points on two to three sessions of increased selling pressure, and then continues to move higher until a new high is made.

After last weeks sell off we can expect to see this stock move higher. And after the large oil and gas companies like Exxon (NY:XOM) and Chevron (NY:CVX) posted double-digit increases on upstream earnings (exploration and extraction), Atwood should have no problem beating their numbers. Look for an entry as the stock finds support around $68.50,. Your exit will come around $75 as the stock make a new high in the trend.

Filed under: Stocks, Technical Research, Time To Buy