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Perfect bull flag , oil is stable , target 17s
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%.
Seems we reached upper channel region. Now back on short side
Next Buy Opportunity coming... A long term investment.
Up up and away!
$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
From Wykhoff P&F the first target should be 21-22 ...
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 ...
Buy the dip, buy the support
Key area here, needs to break through it for a larger rally
Areas of importance going forward
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.
Head and shoulders with 3/4 pullback to the 61.8 retracement. This is conjunction with the underlying trend.
RIG-is looking good for a long play...short-term it is crossing over on the MACD and with US drilling news from the US govt....Offshore RIGS are on the move.
I look at this level for 1 and 2 year leaps at this price with targets of 15, 30 and 45 over the next two years.
Complete your own assessments and conduct your risk profiles. My chart and plan are my own ...
My previous post (see link below) played out well. We are now at a .62 retraction and have potential positive reversal in the daily rsi. But there is a small gap at the .78 level. With oil droppping it could move down further to close it. It’s a good time watch the price action closely. Feedback appreciated.
RIG Could Double in 12 Months, or even sooner.
Weekly chart. Prices are in a bullish trend.
Target medium trend are 12.75 - 13.87 - 16.35
Invalidation only if prices comme back below 9.25
I think likely. I’ve taken a small long position. But we may get a better price to add to that or reposition depending on your time frame. Notice big uptick in volume on the weekly chart at what I think is the bottom. Process your way.