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: Tom DuBois who wrote (22019)	5/14/1998 5:04:00 PM
From: marc chatman	Read Replies (1) of 95453

It was really hard to lay off the FGII today. But I just don't like the near term technical picture. A few days ago, FGII had a shooting star candlestick on significant volume -- a possible reversal signal, which seems to have been confirmed the past couple of days. And the drop today was on increasing volume over the past couple of days. The stochastics also have crossed down and dipped below 80 (IG chart settings). Of course, this stock can turn on a dime, as it did when it hit 24 a couple of months ago. But I think we may have to shake out a few more profit takers before the stock flies again. Lets see if it can hold at this level. If not, I think there should be some support around 35-36, and then at 32. Overall, we seem to be finding some good support for the OSX at these levels, but the failure to move convincingly on higher oil prices suggests to me that the market is not yet convinced oil will hold. Several times today I thought the OSX was going to break to the upside, but it did not. Maybe another good day for oil will turn the tide, or we may have to await further action from OPEC (to state the obvious, more or less).

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