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Non-Tech : Invest / LTD
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To: Peter V who wrote (7704)3/10/1999 12:58:00 PM
From: Thean  Read Replies (1) of 14427
 
Pete,
I think TA is not useful on the drillers here as well. They are still driven by the OPEC hype. For TA sake however, RIG's resistence is here around $24 1/2 - $25 on the close basis. But if this enphoria continues, this resistence will be taken out with no problem.

As to RIG going to $30? Maybe worth a shot but if I were you I would do the opposite of averaging down - selling on strength partially at a time.

I still keep my RIG but sold FGI this morning. Have $30 1/8 for limit sell on CAM today. Keep an eye on oil price. If oil price collapses, so goes the drillers, as simple as that. It applies to intraday as well as daily oil price.
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