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: bw who wrote (2713)	11/4/1997 8:43:00 PM
From: Thean	Read Replies (4) of 95453

Some TA perspective... We have a series of consecutive gains since last Monday's bottom. Traditionally for the drillers a 5-7 days of consecutive gains is followed by profit taking. It so happens that the major drillers (CDG, ESV, NE, DO, RIG) are testing or closing at their 52 wk highs. Their closing prices today are at, near or outside of their Bollinger Bands. Typically prices at this level are subject to some pullback. With the overall market volatility fresh in the mind of people, I would not be surprised to see some pullback for the drillers in a day or two. A few "laggard" drillers that are only mid way up the BB include MDCO, GLM, GW, PTEN and PDS. Out of the bunch, PDS has the best forward valuation.

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