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PLAY > New Plays Tuesday, March 06, 2001
New Split Plays   New Candidate Plays   New Momentum Plays
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Plays

None

New Candidate Plays

WFT - Weatherford International $56.80 +1.24 (+2.80)

Weatherford International. is a leading provider of oil and natural gas drilling and production equipment and related services. WFT has gained over 78% after hitting a relative low of $31.75 on November 30th. The stock hit its all-time high on Tuesday, and we believe that it could be ready to move even higher. The oil drilling equipment sector currently has strong momentum and WFT should continue to move with the rest of the group. We are also looking for a split announcement with the April earnings release or out of its next BoD meeting. The company has enough shares for a split, with 250 million shares authorized and 110 million shares outstanding, and the stock is currently trading at historic split levels. The company's last split was a 3:2 when the stock was trading in the $45-$50 range. Going forward, WFT has support at Tuesday's intra-day low of $55.50 with stronger support at $54.15, the 5-dma. There is light resistance at Tuesday's intra-day high of $57.20. A move above $57.20 could send the stock up to $58 or $60. Traders should be looking for a bounce off of $55.50 or a breakout above $57.20 on midday volume of at least 750,000 shares before opening new positions. We plan to place stops at $52 to limit potential losses.


Picked on March 6th @ $56.80
Change since picked +0.00
Stop Loss @ $52.00

 
Interactive Chart Quote News First Call on WFT
 

New Momentum Plays

None

New Plays Index

 


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