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Non-Tech : Invest / LTD
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To: Peter V who wrote (7205)2/8/1999 6:35:00 PM
From: Thean  Read Replies (1) of 14427
 
Pete, there are times to use charts and there are times not to. This is the time not to IMO. First RIG has been stuck between 25- 27 for a while and the other factors such as oil price, sentiment, OPEC, etc. are still not favorable. If RIG moves down and tests $23, it is because of net sellers. I would not expect much of a technical rebound from these support levels if the other factors continue to be negative. I rate it 50:50 here for short term trading, definitely not for long term hold. It helps to keep the big picture in perspective by pulling out a one year chart. 12 months ago, people were investing in RIG with the same reasons as today. Guess what happened?
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