My previous post (see link below) played out well. We are now at a .62 retraction and have potential positive reversal in the daily rsi. But there is a small gap at the .78 level. With oil droppping it could move down further to close it. It’s a good time watch the price action closely. Feedback appreciated.
Looks solid, down over 25%, fundamentally the sector has turned, RIG has restructured debt's and assets to better align to where the best long term opportunities are. They have the back log to maintain, but with global demand increasing, China's record imports will easily begin to tilt the demand spectrum, and when supply starts to come up less then expected, or oil field service providers begin to raise rates from the rock bottom deals they've been charging to the shale plays, RIG will fly back to prior highs. RIG paid a dividend and at some point would again!
goodguy
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@sreimer77, Great points. Appreciated the feedback. Hope we are both correct! Have a great weekend.