Oil Stocks PatternNYSE:HAL NASDAQ:PTEN NYSE:VAL NYSE:YPF I hope you can see the pattern. Some are overextended but others are still at good levels
NYSE:WHD
NASDAQ:PTEN
NYSE:HAL
NYSE:OII
NYSE:TDW
Reasoning
Whole Industry is moving!
Consolidation seems done
Correction is not overextended
Good Relative Strength
Great earnings
RSI tested bullish range multiple times
Always try to use 2 timeframes
My Would Be Trade Plan
- Risk about 1.5ATR and aim to ride up to 4.5ATR (1:3)
- Raise stop once Trade moves 2ATR in your direction
- Add on new highs after a pullback. (Then raise stop to keep original risk and also do not modify the target price)
Main Sources of My Knowledge
Mark Minervini
Constance Brown
William O'neil
Speakers on Trader Lion Youtube
Adam Khoo
My Indicators
14 Period RSI.
9SMA and 45EMA Moving Averages added
Composite by Constance Brown
This is for catching failures in the RSI.
The RSI is a bounded indicator so sometimes fails to catch divergences. This indicator helps show that
Composite Settings
Author : Constance Brown (Connie Brown)
RSI Length : 14
RSI Momentum Length : 9
SMA Length : 3
Fast Simple Moving Average : 13
Slow Exponential Moving Average : 33
VAL trade ideas
VAL PUMP SOON At the American oilfield service, a certain bottom was found. After watching the charts for a very long time, I came to the conclusion that the oilfield service market will not go bankrupt after all. VAL has good contracts, but the company's shares have been subjected to panic sales. Against the background of 11 amendments. The next half year will show how local it is. If we pass the first selected level and stay on it for a couple of weeks. Then let's go test the next level. It is difficult for me to predict the time. Because I think it's a stupid idea. The first profit I have already taken in the form of 500% on the shot from the bottom. I am waiting for the next powerful rally. 500-1000%.
VAL - IS GOING TO EXPLODEAll,
I rarely say go all in.. etc. On this one I would without a doubt buy in and set a market stop loss. Penny stock or not the weekly volume spikes indicate a big trend reversal. Not only that the pattern is so wide you could be looking X2 profits with ease. Also volalitiy and enough volume to make it work.
Reversal trade in Valaris Plc
Valaris publishes presentation in which it details its strategy for marketing floaters.
The company also hints at how it plans to address the nearest debt maturities.
I'd expect floater scrapping in the future, but using top rigs as collateral for new debt should keep Valaris afloat until the debt wall of 2024.
At that time, everything will depend on the scale of the offshore drilling recovery.
COMPANY PROFILE
Valaris Plc engages in the provision of offshore contract drilling services to the international oil and gas industry. It operates its business through the following segments: Floaters, Jackups, and Others. The Floaters segment includes drill ships and semisubmersible rigs. The Jackups segment offers contract drilling service. The Others segment consists of management services on rigs owned by third-parties. The company was founded on July 3, 1905 and is headquartered in London, the United Kingdom.