Worley is a global consulting company, advising in the areas of energy, chemicals, and resources. The company is winning new contracts and is targeting double digit earnings growth in the medium term.
“We looked at the chart in January and noted that there was a clear resistance line near $15.50 and that a breakout would lead to a new uptrend,” Michael said.
“The breakout in January didn’t stick, but the shares made another breakout in May which now seems to be the real deal.
“We can see that it moved higher very sharply on very strong volume.
“This has eliminated the sellers and pushed WOR out of the old trading range.
“We can see it consolidating sideways here in preparation for the next move higher.
“This means that current levels are a buying opportunity,” Michael said.
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