Worley is a global consulting company, advising in the areas of energy, chemicals, and resources.
“Their share price is highly correlated to the price of oil, and the positive outlook for energy and resources should continue to benefit WOR,” Michael said.
“The price action for WOR looks very interesting and it now appears to be getting ready to make another move higher.
‘The stock has spent several months forming a clear resistance line near $15.50.
“The past few weeks has seen it hug the underneath of that as it prepared for a breakout.
“In the past couple of days, we have seen it break above that crucial $15.50 level.
“This should now lead to a rally where WOR is likely to rest its old high near $20 in a few months from now,” Michael said.
Worley Ltd (WOR)
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.