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CNQ  

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Bristow Group - BRS - close: 35.88 chg: +0.53 stop: 34.59

Company Description:
Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major operations in the U.S. Gulf of Mexico and the North Sea, and operations in most of the other major offshore oil and gas producing regions of the world. (source: company press release or website)

Why We Like It:
The recent market weakness, combined with an analyst downgrade, have really fueled some profit taking in shares of BRS. The stock has crashed from the top of its channel towards the bottom. Fortunately, traders appear to be buying the dip near support at the bottom edge of its rising channel (see chart). We are suggesting long positions in the $35.25-36.00 zone, which is above the simple 200-dma. Our target is the February highs in the $38.40-38.50 range. This is an oil services company so keep an eye on the OSX index and the price of crude. FYI: The P&F chart is bullish and points to a $47 target.

Picked on March 11 at $35.88
Change since picked: + 0.00
Earnings Date 05/07/07 (unconfirmed)
Average Daily Volume: 243 thousand

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Canadan Nat.Res. - CNQ - cls: 52.03 chg: +0.90 stop: 48.95

Company Description:
Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore West Africa. (source: company press release or website)

Why We Like It:
CNQ recently reported better than expected earnings and revenues and the news helped propel the stock through resistance at its 200-dma. Volume has been coming in above average the last few days, which is bullish for the rally. More aggressive traders may want to consider long positions now or on a pull back near $51.00. We want to see a breakout over $53.00 so we're suggesting a trigger to go long the stock at $53.05. If triggered our target is the $58.00-60.00 range. We do expect some resistance near $56.50. FYI: A rally past $53.00 would created a new P&F buy signal. This is another oil-related play so keep an eye on the price of crude. Our time frame is eight to ten weeks.

Picked on March xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 03/07/07 (confirmed)
Average Daily Volume: 2.0 million
 

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