Ocean Rig UDW

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Ocean Rig UDW ( ORIG) is a Marshall Islands-registered international offshore drilling contractor. Ocean Rig UDW provides oilfield services for offshore oil and gas exploration, development and production drilling. This stock is trading up 6.4% at $15.95 in recent trading.

Today's Volume: 392,000

Average Volume: 164,147

Volume % Change: 198%

From a technical perspective, ORIG is bouncing sharply to the upside here right off its 200-day moving average of $15.03. This move has also pushed ORIG into breakout territory, since the stock has started to trend above some near-term overhead resistance at $15.80.

Traders should now look for long-biased trades in ORIG as long as it maintains its trend above its 200-day and above $15.80 with strong upside volume flows. I would consider any upside volume day that registers near or above 164,147 shares as bullish. If we continue to see that trend, then ORIG has a great chance of re-testing and possibly taking out its next significant overhead resistance levels at $16.65 to $18.26.

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