Bristow Group Inc. provides industrial aviation services to the offshore energy companies in Europe Caspian, Africa, the Americas, and the Asia Pacific. The company offers helicopter transportation services to transport personnel between onshore bases and offshore production platforms, drilling rigs, and other installations, as well as to transport time-sensitive equipment to these offshore locations.
Take a look at the 1-year chart of Bristow (NYSE: BRS) below with the added notations:
BRS has been on the rise for most of the past 8 months. In addition, the stock found resistance at $15 on multiple occasions in 2017. Now that BRS is above that $15 mark, that level should now provide support.
The Tale of the Tape: BRS has a key level at $15. A trader could enter a long position on a pullback down to that level with a stop placed under it. A break below $15 could provide an opportunity to get short instead.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Christian Tharp, CMT