McDermott Is On Target
by Sam Collins 06/23/08
McDermott International Inc. (MDR) -- This worldwide engineering and construction company specializes in offshore oil and gas construction, government operations and power generation systems. It has been in a bull market for more than five years and has returned better than 10 times its price
On May 22, the Trade of the Day said, "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."
Since then, McDermott has broken out of the "W" pattern, confirming its target of $80.
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