NEW YORK (TheStreet) -- This one is walking before running. There's a small base developing on Weatherford International (WFT) - Get Report , which provides equipment and services to the oil and natural gas exploration and production industry.
WFT made a low in August and a retest by the end of September. The On-Balance-Volume (OBV) line is edging upward from a late August low. We can also see a small bullish divergence between equal price lows for WFT at $9 and higher momentum readings. Prices are above the 50-day simple moving average.
In this longer-term view of WFT, above, we can see a more important divergence between the selloff in the latter half of 2014 and the one this year. Compare the lower lows in price to the higher momentum readings. From here we would welcome a rally to the $12-$13 area on WFT. It's not huge, but it's a start.