Went long today.
Oil looking stable to up to me. I think the correction likely over for this one. Target above recent high. Suggested stop on chart. Process your way.
Taking a play on the drop in Crude Oil prices and potential geopolitical uncertainties with a put sale in RIG which appears to be in a long term consolidation pattern Looking to sell a 52d 10 put for .64 to .68 this week
I am an oil bull fundamentally and technically speaking. In this forum, I shall stick to technicals and I see a wave 4 completion with a double bottom at the 61.8% retracement level off high volumes. Assuming a 1:1 extension off the 3rd wave, I would expect an upside price objective of $16, +c.26%.
$RIG saw resistance just above $14, appears to be over-extended and due for pullback. Should be good for at least 5-10% downside move in the short term.
Target 12.60 then possibly 11.60
Timing: Pay attention with this explanation: The first week of February the Dow Jones dropped 1,175 points and the major indexes too.
When a situation like this happen is a good opportunity to buy stocks at discount but not intermediately Not the next day or the next week,
it is necessary to wait a few months for things to calm down.
If you look the SP 500 for...
This is a follow to my posts from Jan 3 and Feb 8 (please see links below). Now have a big up day and a positive reversal in the daily RSI. Very encouraging. WTI another offshore stock also up a lot today. Take a look at these and process your way.
Here is one view of the fundamentals.
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RIG
