Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Thean who wrote (2218)	10/16/1997 6:11:00 PM
From: Thean	of 95453

Today's action further convinced me that the short term down trend for the drillers remain intact. Yesterday's aborted bounce now look more and more like latecomers wanting a piece of pie but couldn't wait. Remember the momentum money moved the drillers the past month and if they bail out nobody will be able to sustain prices at the peak level. They will be back but it won't be for a while. For anyone who want to buy tomorrow on the dip, my advice is to wait it out a bit and study the chart carefully. TA is a wonderful tool to maximize profit and manage risk if used at the right situation and I believe the drillers are back in this situation - long term up with many short term cycles. Depend on how steep the correction is, bottom fishing can be really good this time.

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