After scanning oil sector stocks for a decent setup to play the oil rally, I like ATW for a breakout over 7. The swing trade setup has great upside potential if demand can show strength above that resistance level.
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ATW - Atwood Oceanics, oil driller w/ technical reversal setup
After scanning oil sector stocks for a decent setup to play the oil rally, I like ATW for a breakout over 7. The swing trade setup has great upside potential if demand can show strength above that resistance level.
Of course the price of oil will affect this trade. However, I'm restricting myself to a pure technical trade of ATW stock while sticking to my risk management strategies.
This alleviates the emotional back and forth oil news from dictating the trade.
I'm risking 50 cents to make $3+ a share. Potential selling target is the $10-$14 range over the next few weeks. Updates will be posted as needed.
Nice little breakout yesterday and today. Hope some of you are along for the ride. Remember to take profits. It doesn't count until the money's in the bank.....
