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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: SJS who wrote (11143)	2/9/1998 4:55:00 PM
From: Thean	Read Replies (4) \| Respond to of 95453

Steve, Actually I look for 29-30, similar to Briefing. Very simple. 29-30 used to be FGII's recent resistence. Since that resistence was broken, it now becomes the support. This is generally true. There will be a bounce when FGII comes near that level, I can almost guarantee it, barring a market meltdown. Note: I'm not saying FGII will have to retest this level. But if it does, I look for it to hold at first trial and build a strong base there. Overall market. The land drillers are especially weak again today. Led by NBR. NBR is the biggest cap of the land drillers so their estimate lowering has a serious repercussion to the entire land drillers. The dayrate problem is becoming more transparent but I don't think we have seen the low of the land drillers yet. Those who switched out and bought into FGII like Steve U., congratulation. Nancy - hope your friend has enough discipline to follow through on the stop loss order.

To: SJS who wrote (11143)	2/9/1998 5:24:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

Steve, The drillers(OSX in general) have been pretty good about staying within the channels formed by drawing a line along the top and bottoms of the trend lines.Recently, in NOV-DEV the lines were down.Enter $)SX at the IQ site and you'll see what I mean on the daily chart for OSX.We just bounced back and forth all the way down.For FGII the psychological resistance/support has been about 28-29.We just broke out of that range last Tuesday and the stock took off.it might just test the gap at 31.then again it might never look back.The other line I looked at was the new trend line formed by drawing a line from the Jan low of 20 to the jan low of 24 about jan 21st and projecting it up and out.IF the stock follows the pattern going back up that it followed going down then it should see sub 30 in a a few days or next week.Since earnings are thursday, it could do something totally different.However, I haven't seen any stock here leave the rest behind after posting earnings.They seem to go in a pack except for the land drillers.EVI, FGII are my two favorites since they move up and down fairly quickly when they move.RON, HAL, CDG & SLB do the same. PK

To: SJS who wrote (11143)	2/9/1998 5:34:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

Steve, I understand better what you are looking for now. 1.Print the chart for FGII daily for 120 days. 2.Find 28 on the chart and draw a horizontal line all the way from August thru today. 3.See how the stock bumps up against 28 when it's below it?Then when it's coming down it will bounce up from it.Usually a stock seems to pierce right thru and blast on by like FGII did last week or just hug it or go back the other way. 4.Draw another line per my previous post for the new "lower" uptrend line.If these stocks penetrate these channel lines or up/down trend lines then things get exciting. PK