Perhaps RIG will hold here and gain traction for a move higher to its loosely correlated crude oil comparison.
A little chart background: Crude Oil had jumped far ahead of RIG last year and then late last year RIG jumped up and closed the gap between the two markets. Since then the two markets, RIG and Crude, have been waffling around.
I see a decent, rising, long term support zone for RIG shares and now that RIG is solidly in the middle of that zone and crude oil is making a decent rally off the lows set earlier this month, maybe RIG has a low-risk chance for a move higher from here.
Risk 3 average daily ranges and target a 3 average range rally. The probability is 75% or more, which is just my odds calculation from this kind of setup.
Cheers.
Tim 12:53PM EST, Wed Jan 22, 2014
A little chart background: Crude Oil had jumped far ahead of RIG last year and then late last year RIG jumped up and closed the gap between the two markets. Since then the two markets, RIG and Crude, have been waffling around.
I see a decent, rising, long term support zone for RIG shares and now that RIG is solidly in the middle of that zone and crude oil is making a decent rally off the lows set earlier this month, maybe RIG has a low-risk chance for a move higher from here.
Risk 3 average daily ranges and target a 3 average range rally. The probability is 75% or more, which is just my odds calculation from this kind of setup.
Cheers.
Tim 12:53PM EST, Wed Jan 22, 2014
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