As I mentioned earlier this week when spotlighting PDC, several names in the oil and gas sector are starting to run. Newpark Resources (NR) is one of the more attractive charts that has yet to breakout. It has been mired in a 70 cent range for the most part after a strong move in early May. It now has all of its key moving averages coiled underneath it as it probes the upper part of this band of congestion. A break above $9.40 or so should lead to a swift test of $10, and a likely break over that level in the near future.
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