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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: waverider who wrote (8552)1/16/1998 8:26:00 PM
From: Broken_Clock  Read Replies (1) of 95453
 
Diamond,
Here is one aspect to look at:
This is the third full fledged attempt to break the down trend line in OSX(there was one attempt cut off at the knees which doesn't count).I just pulled charts on SLB, NE, FGII and CDG. NE & SLB are leaders.They are right at the down trend line.CDG & FGII are almosr there.SLB has strong resistance at 78 so it's at a crossroads come Tuesday.It must break deciseively thru 78 and turn it into support thru next week or it's grab your parachute time(IMHO).NE is at the same place...down trend line and strong resistance meet at 28($.25 above its close today so the same rationale applies to NE).I think at this point we can safely say: As SLB goes, so goes the drillers.

I think Thean will confirm something along these lines.
Dave
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