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Weatherford International's Shares Changing Hands at Higher Prices on 1.5x Above-Average Volume (WFT)

Published on Wed, 01/30/2013 - 14:13
By Robert Cotter

Weatherford International shares are trading on heavy volume today, having risen 0.6% to $13.20. Today's volume of 12.9 million shares tops the average 30-day volume of 8.5 million shares. Spikes in volume can validate a breakout or signify a potential turning point.

There is potential upside of 5.7% for shares of Weatherford International based on a current price of $13.20 and an average consensus analyst price target of $13.95. The stock should discover initial support at its 200-day moving average (MA) of $12.15 and subsequent support at its 50-day MA of $11.02.

Weatherford International Ltd. provides equipment and services used for the drilling, completion, and production of oil and natural gas wells. The Company offers drilling and intervention services, completion systems, artificial lift systems, and compression services. Weatherford conducts operations in substantially all of the oil and natural gas producing regions in the world.

In the past 52 weeks, Weatherford International share prices have been bracketed by a low of $8.84 and a high of $18.33 and are now at $13.20, 49% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.8%.

By Robert Cotter
rcotter@fnno.com