Buy signal coming for the drillers?
The weekly stochastics on my drillers 'index' appear to be very close to a bottom (buy signal coming?). The weekly view of the same index using the 'on balance volume' indicator is higher tonite than it was the 3rd week in september 2000(the price high for this index this year). The 'drillers' i am referring to is a composite of 18 of the largest drillers. This index is made up of: do,esv,flc,glbl,glm,hp,nbr,ne,pkd,pten,rdc,res,rig,sdc,sesi,tbdi,tdw,tug.
The last time the stochastics on this index were this low was late October of last year...within a point of the price low; yes, it did call the top in September.
Gamble on.
Chuck |
