Tidewater (TDW) owns and operates one of the largest fleets of OSVs (Offshore Support Vessels) in the industry and its stock is in an uptrend.
Let's check out the charts and plot a strategy.
In the daily bar chart of TDW, below, I see that the shares have risen three-fold the past year. Impressive. TDW is trading above the rising 50-day moving average line and above the rising 200-day line. The trading volume has been increasing since November and helps to confirm and support the price gains this past year.
The On-Balance-Volume (OBV) line has been in a rising trend the past year telling me that buyers of TDW have been more aggressive than sellers. The trend-following Moving Average Convergence Divergence (MACD) oscillator has spent much of the year above the zero line but currently the indicator suggests some profit-taking is possible.
In the weekly Japanese candlestick chart of TDW, below, I see a positive-looking picture. The shares are in a longer-term uptrend as they trade above the rising 40-week moving average line. Weekly trading volume has expanded through 2022 to confirm the rally.
The weekly OBV line shows an up and down pattern in 2022 after a long decline. I am not sure what message the OBV line is giving us in this time frame. The MACD oscillator is in a bullish alignment above the zero line.
In this daily Point and Figure chart of TDW, below, the software is projecting a pullback to the $29 area.
In this weekly Point and Figure chart of TDW, below, the message is more bullish with an upside price target in the $41 area.
Bottom-line strategy: Traders could probe the long side of TDW around the $30 area, risking to $27. The $41 area is our price objective for later in 2023.
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