Technicals | May 15 2008
This story features WORLEY LIMITED. For more info SHARE ANALYSIS: WOR
TheTechWizard has observed shares of WorleyParsons ((WOR)) have fallen from $54.18 to a low of $33.50 to subsequently show signs of a decent recovery.
This should get some investors excited, he says. However, the Wizard adds the stock needs to close above $42.80 on a monthly closing basis to make the current recovery a sustainable one.
Were the shares to close above $42.80 this would indicate we have been witnessing a break out to the upside, the Wizard explains, and new highs should potentially lay ahead.
He notes the MACD indicator is currently bullish, suggesting the best approach would be to buy the shares in temporary dips, he says.
The TechWizard has informed us he currently does not own any shares in the company.
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For more info SHARE ANALYSIS: WOR - WORLEY LIMITED
