McDermott Is Driving Forward
by Sam Collins 05/22/08
McDermott International, Inc., (MDR) -- This worldwide engineering and construction company, which specializes in offshore oil and gas construction, government operations and power generation systems, has been in a bull market for more than five years. It has returned better than 10 times its price in that time.
However, since October 2007 MDR has been consolidating within a bullish "W" pattern with support at its 200-moving average, now at $53. A purchase either at the current price or on a pullback to $55 could yield a run north of $80.
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