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RPC Trading Lower on 1.5x Above-Average Volume (RES)

Published on Thu, 02/21/2013 - 14:17
By Robert Cotter

The price of RPC shares has slipped to $15.79 (a 5.1% change) on heavy trading volume. Today's volume of 1.3 million shares tops the average 30-day volume of 833,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

RPC (NYSE:RES) is currently priced 8.2% above its average consensus analyst price target of $14.50. The stock should find initial support at its 50-day moving average (MA) of $13.92 and further support at its 200-day MA of $12.30.

RPC, Inc. provides specialized oilfield services and equipment to independent and major oilfield companies. The Company's services include snubbing services, coiled tubing services, pressure pumping services, marine services, firefighting and well control, and rental of drill pipe and other equipment.

Over the past year, RPC has traded in a range of $8.75 to $17.40 and is now at $15.79, 81% above that low. The 200-day and 50-day moving averages have moved 0.50% higher and 1.41% higher over the past week, respectively.

By Robert Cotter