ATW Could Perform

With oil prices rising in the last few weeks, a possible beneficiary of this action could be Atwood Oceanics, Inc.

Atwood Oceanics, Inc. (ATW) focuses in the offshore drilling and completion of oil and gas wells worldwide. The company also offers support, management, and consulting services in its field.

Stock price for ATW is directly related to the price of crude.

Attractive aspects for this company are:

• Good chart pattern, strong support and a five month base at 13.
• Decisively crossed the 50 dma and holding above the 200 dma.
• Good volume at 1.4 million shares/day.
• Low P/E at 5.6
• Low debt.
• Large fund ownership.

ATW seems to be a fine investment at 23.53 provided the price of oil continues to climb.

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