Archrock $AROC Horizontal Resistance Breakout, Dark Pool Trade

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Archrock $AROC stock is testing a horizontal breakout as of January 8, 2023, after a recent Resurrection Cross. We are seeing a theme of oilfield services stocks with bullish chart patterns. Archrock $AROC stock is in a technical strong uptrend as of January 8, 2023. Dark pool trading was also detected in $AROC stock.

Archrock stock on January 8 2023 with horizontal resistance breakout pattern after a Resurrection Cross with a positive MACD and positive money flow
Archrock stock on January 8 2023 with horizontal resistance breakout pattern after a Resurrection Cross with a positive MACD and positive money flow

Dark Pool Trade In Archrock $AROC Stock

A dark pool trade occurred in Archrock stock on December 13, 2022. The dark pool trade was valued at $7.7 million. We think the dark pool trade was a buy order because $AROC stock rose following the trade hitting the tape.

Archrock stock on January 8 2023 with a dark pool trade shown with an orange bar
Archrock stock on January 8 2023 with a dark pool trade shown with an orange bar

Make sure to review this lesson on dark pool trading so that you understand the chart above.

Archrock initiated with an Outperform at Raymond James

On December 9, 2022, Raymond James analyst James Rollyson began covering Archrock as part of his resumption of coverage of the oilfield services industry. He gave the company an Outperform rating and a $10 price target. According to Rollyson, the current oil supply situation was caused by an extended period of underinvestment and increasing pressures related to the energy transition. There is currently no short-term solution to this problem. According to James Rollyson, asset rationalization and capital restraint across the oilfield services sector have limited how quickly the sector could ramp back up, which portends a more bullish set up for a longer cycle with sustained free cash flow generation and an extended period of high margins. The analyst said the oilfield services’ median free cash flow yield over the next 12 months is north of 11% which is meaningfully higher than other industry sectors that currently trade at higher valuations.

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