Friday, June 27, 2008

Atwood Oceanics (ATW) - a Beautiful Breakout

I highlighted Atwood Oceanics (ATW) new contract earlier this week [Jun 25: Atwood Oceanics Announces New Contract] - the stock has been on fire since, and looks like the name got an upgrade yesterday
  • Shares of oil drilling contractor Atwood Oceanics Inc. set an all-time high Thursday, as the price of oil soared and after a Credit Suisse analyst upgraded the stock a day earlier.
  • On Wednesday, shares of Atwood were upgraded by Credit Suisse analyst Arun Jayaram to "Neutral" from "Underperform" following news of a contract.
  • "We believe Atwood's growth rate will be the highest in the industry for the offshore drillers," Jayaram wrote in a client note.
  • Jayaram's price target is now $120, compared with $97 previously (errr, gee thanks)
If you are a technical trader - this chart is like the Holy Grail of breakouts. I added a touch today despite my "for gosh sakes, will commodities ever sell off?" stance. Maybe my crumbling to the will of the market will cause a top to form? ;)

Long Atwood Oceanics in fund; no personal position

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