When to buy ODLOdfjell Drilling still has this big gap looming overhead from the Corona crash. And made a strong recovery impulse after.
At the moment it seems to be in a retrace.
The reason I highlight ODL right now is because a couple of things line up nicely. We'll have to be patient to get to the ideal buying moment, but we will get there!
The fibs line up beautifully with the horizontal resistance/support areas AND we have a downward trendline that we are approaching. This gives us some great things to work with and find a good entry.
Both the 0.5 or the 0.618 fib can be the targets of a retrace. So we either find support where we are currently and break the trendline (green line), or we go one step further down to the 0.618 fib and (hopefully) find support there before we break the trendline (orange line).
But as long as this trendline is not broken, don't think of a buy!
