Short term long, possible retraceCompanies that are operating offshore have had an impact. OPEC is convening today-so watch out for news.
My short term bias is that we will have a short pump up in price and a possible retrace. If resistance is broken, wait for resistance to become support and go long.
PACD
Clearly the Value of the stock is very less than the book value.Clearly the book value is at $126 per share. THe stock prices is at 3.50. Its a buy blindly.
PACDPACD has been beat down here on lower oil prices. Its at 88.6% pullback when it hits $0.37. That could be a good entry. The RSI and %R are really oversold and last time we were here prices rebounded. I'd like to see the TSI start upward. This could be a 2x or 3x gain. BTW, PACD is financially sound with a positive net income.
REXXOkay, this is a risky trade because the company REXX is not real profitable. Negative net income. BUT if oil turns here, like I suspect it will, then REXX could be a double. I like the harmonic pattern with a 88.6% retrace. I could see a 50% bounce to the $1.47 level. RSI and %R is very oversold. Last time at these levels it went higher. TSI needs to turn higher.
HKHK is in the energy sector. I am not real bullish on the sector, but some stocks have sold down. Mostly the drillers. HK appears to be in the middle of a bull flag. A bull flag should move higher to test the upper channel again ($1.17), as indicated bu the GOLD bars on the chart. The best outcome would have oil move stronger higher allowing the AB part to be copied on the CD part of the chart. If that were to happen a target of $1.80 could be expected.
RIG goes higherI might be a little early here, but I like RIG and I'm BUYING. After a 78.6% retracement off the highs it looks promising. The RSI and %R are oversold and have acted as a good buy spot in the past. The company has positive net income so fundamentally pretty solid. Earnings are a way off so no near term shocks. The 15 min chart shows a double bottom, which usually gives a bounce if only near term . I like $8.97 as a buy point, very low side risk.
