I have lost quite a bit of money already on options trying to time the lift of. But now it is getting to the point where the price should do something.
- I think it is bullish because the price over last 6-7 years formed somewhat what looks as geometrically perfect triangle;
- movements up were always in wild thrust and then price retraced slowly each...
probably a life-time opportunity in ESV and RIG. Both are world class offshore drillers.
I will not be speculating here about the fundamentals of oil market and offshore drilling. Technical picture is beautiful.
- price retraced in absolutely stunningly clear ABC pattern from previous highs. A=C
- very clear divergence near strong support level....