Stock Chart Analysis OII
Oceaneering International (Public, NYSE:OII)
OII recently broke down from an established trading range and has since been in a struggle to get back over the 200 day sma. While the volume hasn't been high, the breakdown looks pretty solid. It looks like a clear double top or descending triangle breakdown which has a good success rate. I also like that there is a clear stop loss area for my trading style just over the 200 day sma and the recent trading range. If the markets are going to head lower for a retest of the recent lows, then I think OII will go down with it.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
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