ATWOOD OCEANICS INC - ATW
Monthly chart shows resistance at the $84 high - profit taking is evident.
Weekly chart shows a bearish engulfing candle pattern, with last week's price action all but erasing the gains made since rate cut on September 18, 2007. Chart also shows 5 waves up into the $84 high, and the move up was made with divergence.
Daily chart shows yet another possible 5 waves complete into $84 high. We now have a reverse cradle pattern (bearish). Look for continued weakness into next week.
Sunday, October 21, 2007
ATW Analysis for 10.21.2007
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