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Neighbour: Looking to buy Amec Foster Wheeler

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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.