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: Rich B. who wrote (6321)	12/30/1997 10:47:00 PM
From: Thean	Read Replies (1) of 95453

Rich, MDCO's chart is similar to a lot of other drillers in that today is the fourth day since the bounce. I would be careful not to interpret MDCO's candlestick as a special situation unique to MDCO. I sold some MDCO purely for tax selling. This is not unique this time of the year. Other people may sell GW to buy MDCO, or MDCO into CDG. What count is the uptrend remains intact, at least for today. Granted the overall market also moves up. But in the weeks past we had the drillers tanking in a good market, crude below $18 notwithstanding. I would not read too much into MDCO's chart pattern other than to say the trend continues and resistence is in sight but not near. It is hard to make a case for a down day for the drillers tomorrow if the overall market continues to be good. Friday and next Monday will be important indicators of things to come next week. If we move too quickly tomorrow and Friday, we may be up to the 50 days moving average or upper BB. Right now we need some time for the upper BB to turn the inflection and move up. Therefore too quick and too big a move up is actually not good technically.

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