SaxoTV

Neighbour: Looking to buy Amec Foster Wheeler

613 views
March 19, 2015 UK North Sea, amec, amec foster wheeler, commodities, engineering, equities, equities saxo, equities trading, equity, equity index, equity market, equity markets, equity portfolio, equity research, equity strategy, equity trading, exploration and production, foster, ftse, ftse 250, george, george osborne, north sea, oil and gas, oil and gas services, oil exploration, oil price, oil producers, oil production, oil sector, osborne, osborne budget, osborne budget announcement, saxo, saxo bank, saxo bank equities, saxo bank group, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo bank tv, saxo capital markets, saxo traders, saxo trading, saxo tv, saxo tv saxo bank, saxo tv trades, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxobank.com, saxot tv, saxotrader, saxotv, tale, trade, trade idea, trade ideas, trade view, trader, traders, traders tale, traders tale saxo tv, trading, trading floor, trading idea, trading risks, trading strategy, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor.com, tradingfloor.com saxo tv, tradingfloor.com trade ideas, tradingfloorcom, uk, uk chancellor, uk economy, uk oil industry, united kingdom, wheeler
oe Neighbour from Central Markets is looking to buy shares in oil services firm Amec Foster Wheeler after pledges to support the North Sea oil industry from UK Chancellor George Osborne boosted the sector.

Amec Foster Wheeler was a big beneficiary from the industry rally on Wednesday, closing over 4% higher. 

The stock saw off key resistance around 900p to complete a small base pattern, which Joe says was also confirmed on a relative basis. 

Joe is looking to buy the breakout with a stop at 860p looking to target a move towards 1100p.

He cautions that the oil price could impact the trade. That said, he feels that short term there is some upside to be had from trading Amec Foster Wheeler.