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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: tech fool who wrote (15134)1/21/1998 1:25:00 PM
From: Jorj X Mckie  Respond to of 67997
 
I know you asked Judy, but I'll throw in my .02. Generally, I wouldn't short the oil-service sector at this time. The sector just reversed up and it is pretty severly oversold, meaning lots of upward potential. Rather, I would look for the following breakouts to get into them long: HAL @ $53, NE @ $31, GLM @ $26. I believe that these three are still below bearish resistance lines, so there would still be some risk, but the trends appear positive. Go to the Oil Services and Drillers group for more detailed (and probably better) analysis.
TD
(I will, of course, defer to Judy's insight)



To: tech fool who wrote (15134)1/21/1998 4:18:00 PM
From: Judy  Read Replies (1) | Respond to of 67997
 
TF, earnings will be completed in another week or so and there is not much in the next month or two to buoy the drillers or oil services up. My sense is they will drift down to their 200-day mav and hover thereabouts until either positive or negative news come out. Although the sector still looks bearish, but not sure how much more downside remains. btw, haven't not looked at price action today.


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