Keep an eye on the Tide! $TDW – September 26, 2023
This is Scott with your Chart of the Day. I want to, take a look at Tidewater Inc. ( NYSE: TDW ).
We mentioned TDW ( NYSE: TDW ) this morning, before the open, over at StockMarketMentor.com and I am glad we did. I am glad this one was on our watch list because it had a gorgeous day on a day when the rest of the market looked, actually, pretty terrible.
But Tidewater ( NYSE: TDW ) held up nicely around the 8 and the 21-day EMA, and even back above the 8-day exponential period moving average, and doing it on a nice pickup in volume. So I definitely think this stock should be on your watch list, especially if you are looking for relative strength, versus, the rest of the market.
If we look at something like OIH ( NYSEARCA: OIH ), or XLE ( NYSEARCA: XLE ); a lot of these energy ETFs look the same, they’re under the 8 and 21-day. But TDW ( NYSE: TDW ) is outperforming a lot of the other stocks within the group. And that is a stock, in my opinion, that you definitely want to keep an eye on.
In terms of a new entry in this stock, you probably want to have an alert right around that level, just around $69.00. And look for a strong move above 69.00, coming on higher than average volume. Now, keep in mind we are close to a local resistance zone so I wouldn’t be surprised if this came up here, got rejected, and pulled back, and just, kind of, chopped around while the market figures out what oil and gas is going to do.
But this is definitely one I think you can watch and trade in this market, despite a lot of the volatility.
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