As you can see on the chart above, Ensco plc (NYSE: ESV), a London-based oil and gas offshore drilling company, is up more than 10% over the past two days.
But my team of traders say there’s plenty of upside remaining!
The stock was trading in what is called an ascending triangle pattern before breaking out to the upside.
With ascending triangle patterns, we can predict the price target after a breakout by taking the height of the pattern.
In this case, it’s $3.15 a share.
The stock broke out at $8.20, which gives us an expected price target of $11.35.
So even though the stock has had a double digit surge, my team says there is still a 20% climb remaining.
Look for it to cover that ground in the next few weeks.
© Chart courtesy of Today’s Profits. All rights reserved.