Stock Chart Analysis OII

Posted by downtowntrader | 1/30/2008 10:47:00 PM | 0 comments »

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,


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