Wall Street Traders Column 12/24/07 - Buy WFT
December 24th, 2007 / 11:29 pm / by Harry Aloof
Buy Alert - WEATHERFORD INTL LTD (WFT - NYSE) - Report No. 2226, Analysis by Harry Aloof - : Technical Viewpoint: From a low of $56.36 on Nov 12, 2007 prices rallied, reaching a high of $67.51 on Dec 6, 2007. A decline saw prices pull back, reaching a low of $63.16 on Dec 18, 2007. Another rally saw prices penetrate resistance line “A”, closing 12/21/07 at $68.05. Technicals: MACD Index (MACD): A Buy Alert! was given on Nov 29, 2007 when the solid line crossed the dotted line to the upside. Support: Remains at $64.00. Resistance: Is at $70.00. Point & Figure: Reversed to the upside on Dec 21, 2007. A P&F downside reversal takes place at $65.00. Summary: Technical indicators have turned bullish. BUY! WEATHERFORD INTL LTD (WFT-NYSE) @ $68.50 Stop: Use a protective stop of $66.13. WEATHERFORD INTL LTD is currently trading @ $68.05 plus $3.09 on Dec 21, 2007.
Price Objective: $79.50 Risk/Reward
$2.37 VS. $11.00
Today’s Risk Reward Ratio: 5:1
