Weatherford International (WFT) peaked and turned down in 2014. Prices are still below the declining, 40-week moving average line, but there are some nascent technical developments pointing to a turnaround. Let's turn to the charts and indicators.
In this daily chart of WFT, above, we can see that prices are still in a downtrend -- lower lows and lower highs. Prices are below the declining, 200-day Simple Moving Average line and testing the declining, 50-day average.
There are no bullish divergences yet between the lower lows in price and the momentum study on this timeframe. What is worth keeping an eye on is the On-Balance-Volume (OBV) line, which has move up smartly since early March -- even though prices have moved up and then down since March. I could say the last three to four months are uncertain, but at these single digits, it makes a better "story" that buyers of WFT have become more aggressive. A close above $8, and above $9, would totally change the chart to bullish.
In this weekly chart of WFT, above, we can see the long decline and periodic bounces from $25 back in 2014 to $5 today. Prices are still below the declining, 40-week moving average line, but notice the pickup in trading volume over the past three months. Heavier volume at a price low can mean that aggressive selling is being met by aggressive buying.
Jumping to the bottom panel, we can see a bullish divergence between the lower lows in price in January and May, and the higher lows on the momentum study. This bullish divergence can foreshadow stronger prices ahead, as a slower pace of decline usually means that someone has become a scale-down buyer, slowing the decline. The last clue to point out on this chart is the big upswing in the OBV line from its January low: This could be short covering or new buying, but volume has been heavier on WFT on weeks when it has closed higher. Again, closes above $8 and $9 should get things moving on the upside.