Pages

Friday, February 19, 2021

RIG - Overhead Resistance

Rig has hit overhead resistance and interestingly made a lower high from January. The run in Crude Oil, the commodity, looks to be toppy now. Shares in Energy stocks may continue to rise a little more into March. Daily

65 comments:

  1. This chart was posted for a number of reasons.

    ReplyDelete
  2. When a driller RIG hasn't been able to make a higher high in February despite a big run in Oil this month it's a bad sign.

    ReplyDelete
  3. Because it is lagging so far behind RIG actually may be a candidate for a pop but it is clearly hitting against resistance. Could be a worthy scalp trade. Earnings are due on Monday.

    ReplyDelete
  4. We did well with the bullish Energy trade in February and I noticed that Buffett and David Tepper recently made large investments into oil stock.

    ReplyDelete
  5. SC,

    There is a gap at 4 and another gap at 5.5

    what are you expecting?

    ReplyDelete
    Replies
    1. I think RIG could pop to around $4 short term

      Delete
    2. Have some other ideas for it in April.

      Delete
  6. VIX should reach 18 next three weeks. Unemployment benefits are due to expire March 14th.

    ReplyDelete
  7. Here on earth hospital beds are full and Texas electric grid collapsed.

    "NASA's Perseverance rover makes historic landing on Mars"

    ReplyDelete
  8. This comment has been removed by the author.

    ReplyDelete
  9. You know what they say be fearful When people are Greedy And be greedy when people are fearful

    ReplyDelete
  10. Banks were still strong last week. BKX and FAS

    ReplyDelete
  11. On your recent OCGN comment, Covaxin viable? Spike?
    https://twitter.com/BharatBiotech/status/1363708994162892808?s=19

    ReplyDelete
    Replies
    1. I'm waiting for lower prices and have a plan, and yes it will be fun I think. It's early now because they are in phase 3 trials. Expect the price can drift lower as many will not want the risk when results come out.

      I have developed a model and plan to post charts on this. It's a trader.

      Delete
  12. sc,


    Is YANG bottoming here?

    ReplyDelete
    Replies
    1. I'll take a detailed look at these charts.

      Delete
  13. very quite --today?

    ReplyDelete
  14. Bought amc at 6.50 todsy looks like
    It could move to 10

    ReplyDelete
  15. sc,

    are we breaking key supports?

    ReplyDelete
  16. I bought tqqq all the way down
    To 88 giddyup

    ReplyDelete
  17. LOU,

    not---No More --but have a good day--Lou

    ReplyDelete
  18. lou,

    are me and you --the only ones on this board?

    ReplyDelete
  19. Replies
    1. Fauci Said US May Soon Ease Rules. Great Call for AMC, Lou.

      BTW, why your target is 10 instead 13 where gap is?

      Delete
  20. SC are you still waiting for the $5 dollar mark to get into KODK?

    ReplyDelete
    Replies
    1. I've been waiting for the price to come down. It just felt that it was getting stale with political risk especially, and it was. I love the direction that the company is heading though. It's a transition that takes time. Just a matter of getting the best price for it.

      Delete
  21. Oil still strong, UVXY still weak. SPX is moving very slowly and it seems under some pressure from the higher Oil. The trends continue.

    ReplyDelete
  22. SPX well I told you it would be choppy lol, but it's still heading higher.

    ReplyDelete
  23. SC... do you have charts for bitcoin by any chance?

    ReplyDelete
    Replies
    1. Bitcoin is beginning to form a top that will form from now until July. I see several bitcoin etfs have listed in Canada. Not a good sign. This is done to provide liquidity for an exit. I am avoiding bitcoin completely.

      Delete
  24. lou,

    your right --the chart is very similar---let see what happens!

    ReplyDelete
  25. Oil up again! SPX is down. They are trading inversely now. This is supporting my hypothesis that this market cannot handle Oil above 60.

    ReplyDelete
  26. So you can imagine what happens with oil $90 to $100.

    ReplyDelete
  27. sc,


    OIL--90 to $100 ---oil---we will break through marches 2021 bottom

    ReplyDelete
  28. SC,

    sc,

    on that note, i will scalp Drip for a buck here!

    I do this all the time ---yesterday --it was a little more than a buck --

    ReplyDelete
    Replies
    1. Expecting a high for oil around month end and another high around March 14th then a correction for oil into April.

      Delete
  29. RIG hit the 50 dma and up sharply.

    ReplyDelete
  30. The idea for this trade was first positioned in crude oil, the commodity, last year then transitioned into oil stock. Now it's the lowly drillers that should be getting ready to run.

    It's a profit maximization strategy.

    ReplyDelete
    Replies
    1. Nobody wants oil drillers at a bottom for oil or even as it begins to rise. Everybody wants drillers at a top for oil lol.

      Delete
  31. My turn dates work best for oil than SPX. I talked about the theory of the inverse relationship before it happened. Now it's more clear that yes oil is beginning to pressure the SPX.

    ReplyDelete
  32. Replies
    1. Looking good! Gamestop making pop too.

      Delete
    2. Probably for the best. I don't think GME has bottomed

      Delete
  33. AHA!! Notice these dates match up exactly with my turn dates!

    "House Democrats plan to pass their $1.9 trillion coronavirus relief bill by Friday."

    "The Senate aims to approve the package and get it to President Joe Biden’s desk before March 14, when key unemployment programs expire"

    ReplyDelete
  34. I'm selling the rips and buying the dips

    ReplyDelete
  35. Lou,

    nice trade---you the man!

    ReplyDelete