Bullish on Tidewater Inc.

Tidewater TDW-N (Friday’s close US$20.73) declined from US$36.08 in 2018 to US$4.84 in 2020 (A-B) below a falling trendline (dotted line) and below the falling 40-week Moving Average (40wMA). It then settled in a horizontal trading range mostly between US$4.50 and US$8.00 followed by another range between US$10.00 and US$15.00. This price action produced a bullish technical pattern known as a Duplex Horizontal (dashed lines). The stock had a breakout from this formation, reached a high of US$28.79 (C) and has since pulled back and found support near the 40wMA (D). A decisive rise above ±US$23 would suggest the resumption of the uptrend. There is good support near US$17.50-18.00; only a sustained decline below this level would be negative.

Point & Figure measurements provide targets of US$29 and US$32. Higher targets are visible.

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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com

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