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,...
Some resistance at 50. if clears, $56 is the target
R/R is to the upside. cc:@crackerjax
I'm generally a longer term investor. I like to invest in sound companies with good cash-flow and balance sheets that I don't believe are going anywhere in the next 5 to 10 years. I wait for these companies to bottom then I wait for strength and signs of a trend reversal, then I look for a level where first support will likely be. I think the $44 dollar level will...
We have confluence on this chart. First there is a strong support that you can extend more to the past and will find important levels that worked and second we have the ratios for a butterfly. Let's see how this works.
Looks bullish as it is putting in a Doji cndlstk. for Sept. on the monthly at the apex of the macro wedge...which could mean a b/o soon of the macro wedge if it can get above the downtrend line around 48 w/ vol.
Finally, price is out of the base, and there is a higher chance that recent upside move may have more energy left and could visit 59.03 March high of last year. I will buy any dips with first target $59 next few weeks and have stop loss at $50.38 August high.