Trade-Ideas: Weatherford International (WFT) Is Today's Strong On High Relative Volume Stock

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer.

Trade-Ideas LLC identified Weatherford International ( WFT) as a strong on high relative volume candidate. In addition to specific proprietary factors, Trade-Ideas identified Weatherford International as such a stock due to the following factors:

  • WFT has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $107.7 million.
  • WFT has traded 1.4 million shares today.
  • WFT is trading at 2.98 times the normal volume for the stock at this time of day.
  • WFT is trading at a new high 3.02% above yesterday's close.

'Strong on High Relative Volume' stocks are worth watching because major volume moves tend to indicate underlying activity such as M&A events, material stock news, analyst upgrades, insider buying, buying from 'superinvestors,' or that hedge funds and momentum traders are piling into a stock ahead of a catalyst. Regardless of the impetus behind the price and volume action, when a stock moves with strength and volume it can indicate the start of a new trend on which early investors can capitalize. In the event of a well-timed trading opportunity, combining technical indicators with fundamental trends and a disciplined trading methodology should help you take the first steps towards investment success.

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More details on WFT:

Weatherford International public limited company provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide.

The average volume for Weatherford International has been 8.6 million shares per day over the past 30 days. Weatherford International has a market cap of $17.2 billion and is part of the basic materials sector and energy industry. The stock has a beta of 2.09 and a short float of 2.1% with 2.23 days to cover. Shares are up 47.1% year-to-date as of the close of trading on Wednesday.

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