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: BigBull who wrote (44379)	5/9/1999 11:14:00 PM
From: stan s.	Read Replies (1) of 95453

Not sure what H&S pattern you're referring to. Generally, a head and shoulders pattern after an uptrend is bearish. The inverted head and shoulders after a downtrend is bullish. RIG had a nice inverted pattern( bullish after the downtrend) recently (similar to PGO) with the low point of the head at 20 on March 3rd. That neckline trend line has unfortunately already been breached to the downside. It is however still close enough, that with an upward surge you could get away with calling it a continuing bullish pattern...but it has to move quickly. This crummy little recent head and shoulders, with the top of the head at 32 on April 23, would be a bearish pattern after the uptrend...luckily it's duration has been very short and it's not following the volume pattern well, so it might drift sideways or up enough to negate it entirely. chartpatterns.com chartpatterns.com chartpatterns.com chartpatterns.com Pretty decent pattern examples here...with the inverted H&S at the bottom. Good luck, nice to see you back. Stan

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