Call Volume Grows on Tidewater (TDW)

Shares of Tidewater Inc. TDW are flat on the session, currently trading $40.00. The stock is in a bit of trouble as far as technicals are concerned as it has broken through the 50-day and 200-day moving averages, as well as the strong, historical support level around $41.00. Call option volume has been growing on the name today and is running at 3.45x the daily average, though sentiment is mixed with only 50% of all calls traded being purchases on the offer. Traders should wait to see how the stock performs relative to the $40 level before initiating a position. If the stock cannot find support it will be in danger of heading for its March 2009 lows. Tidewater Inc. provides offshore supply vessels and marine support services to the offshore energy industry through the operation of offshore marine service vessels. The Company provides services in support of all phases of offshore exploration, field development and production, including towing of (and anchor handling for) mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover and production activities, offshore construction and seismic support, and a variety of specialized services, such as pipe and cable laying.