Eurasia Drilling Co Ltd : The bullish trend continues
October 24, 2012 at 03:45 am EDT
By
Entry price | Target | Stop-loss | Potential |
---|
$35 |
$38 |
$33.1 |
+8.57% |
---|
Eurasia Drilling Company Limited could reach its USD 35.1 resistance.
From a fundamental viewpoint, the company is strong. The Thomson Reuters consensus revised regularly upward EPS estimates of the company for the current year.
From a technical viewpoint, the security is trading in a bullish trend in the short and the long term. Increasing moving averages let think there will be no reversal in the coming trading sessions. This growth should help to reach soon the USD 38.
According to both technical and fundamental elements, it seems opportune to take a long position above the USD 35 resistance. The bullish trend should allow the security to reach the USD 38. A stop loss will be placed under the 20-day moving average to avoid a downtrend.
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