I want to be more optimistic but this may be the reality... I rate this probabilty of this setup comes true at 35%.
RIG and NE both up quite a bit today.
NE is in the oil and gas service sector which has suffered of late. Still in a downtrend but I think the move up at the end of 2016 (labeled 1 or A) may well be followed by at least one more up move to 3 or C. May get a drop tomorrow to c=a on the dialy chart. Watch closely for a bullish candle formation then could use the low of the formation as a stop. ....
Deje el grafico mas limpio, la medias que figuran son MM4, MM9 y MM18 (roja). Habiendo registrado una correccion al 61,8% desde el minimo de $5,91 podemos entender que esta en busqueda del objetivo de extension en $7,65 y luego $8,38?
objetivos probables $7,65 y $8,38
Appears to me NE is building the classic stair step pattern.
see notes below first-percent r upper aroon crossed-mo good
Here we have some Harmonic's , Fib's and the start of a Wolfe Wave which will only become more clearer in the Future . I have shown the Node's as to the Support and resistance points . 8.38 Area is a very big possibility of a re test and after that the 161.8 Fib extension at 10.80 there will be corrections on the way but look at the support and resistance points...
see new notes below-percent r upper-obv good-aroon crossed stock crossed-wait to break 200 ma
Buy in the range of $5.5 - $6.1 and you won't regret it.
The sentiment for the drillers at this point is still slightly bearish overall. NE is also perceived as being a little weaker comparing to RIG etc in terms of backlog. That's why I think it has a good change to revisit $6.0 or even lower. The chart is just a reference and could be totally wrong. The market also needs time to realize oil is going up permanently....