The USD 54.2 support area, currently tested, might facilitate a technical rebound. The company’s fundamentals validate this scenario.

The group enjoys upward revisions in earnings per share and growth prospects. Indeed, the Thomson Reuters consensus expect sales to grow for the fiscal year at 787 million dollars against 645 million dollars for the previous year.

Atwood Oceanics is in bullish trend in the long term. In the present configuration, the process is very gradual; indeed, prices have just begun a consolidation phase, which could be interesting in the coming sessions. In weekly data, moving averages are well-oriented and support the potential uptrend.

The decline observed in the short term offers an interesting entry point for a investment. Investors will take advantage of the current area to buy Atwood Oceanics. The objectives will be set at USD 56.5 and by extension USD 59.2. A stop loss will be triggered below the USD 54.2 support.