$RIG Overbought - Shooting Star Doji Confirmed$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
RIG
Offshore Long term perpectiveI remain bullish on offshore drilling and services. They have been in long term bear slide. But they have begun to rise on much increased volume. A .236- .382 retraction seems reasonable to me long term. These levels also appear to at expected resistance levels.
Process your way.
RIG: F/U on offshore drilling. Looking good.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.
seekingalpha.com
Off shore drilling:RIG. Bottom in?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.
GUSH, time to go long? Looking at the chart for GUSH. I am looking for a break above the last high (green dotted line). A move higher should signal a continuation of higher highs and higher lows (red lines). I'll buy with a break above. OIL is looking good and other stocks like RIG and VLO seem to be trending higher. Wait for the break of the green line to confirm, and then set your stop just below it. It must hold.
RIGTriple bottom at all time low. Similar pattern to $KOL (coal etf) and steel/mining stocks bottoming last year.
AXAS set to runAbraksas Pete, AXAS is set to run again. With the weekly chart breaking above the 34sma returns look promising. This stock could run up to the $3 range yielding a nice return. The daily chart and hourly charts also look good. As long as the OIL services sector continues higher AXAS should move higher as well. Others to looks at are GUSH, RIG, DO, VLO. Stay in this one, until you see the stock drop below the 34sma on the daily.
ERX Long IdeaWith WTIC moving higher the OIL sector stocks are finally starting to react. GUSH and ERX both looks promising here. GUSH had a big day up over 10%. ERX I am looking to go long with a move over the 50sma. Tomorrow may be a buy.
Long ESVStop below the large uptrend channel dating back to the early 90's. Target the 250/300 ema on the monthly.
RIG Weekly: taking a look. Turning around. Also see Daily chart to follow.
RIG is a offshore drilling company which as you see above has been in a long term downtrend esp with adequate oil supplies available already and oil prices down.
It has made a recent bounce right up to the center line of the down channel. I favor there is more up correction to come soon perhaps up to the top of the channel.
Some info on the fundamentals:
seekingalpha.com
seekingalpha.com
Long RowanBullish price structure. Ideal stop below 17. 4x ev/ebitda.
Healthy cash flow and balance sheet.
Joint venture with Saudi Aramco.
The Thursday USDNOK runI'm expecting USD data to be expansionary and for the Fridays Baker Hughes rig count to increase ,lowering the price of oil and pushing the USD up against an oil currency the Norwegian Krone.
Long RDCRowan has a joint venture with Saudi Aramco. Cash flow is healthy and enough backlog to sustain through 2020 imo. 3.5x ev/ebitda.
Long OilLooking for a tightening range to form similar to triangle A. I'm leaning bullish, but will play the direction of the break.
