On this weekly chart, RIG seems like it is currently forming the right-shoulder of a bearish Head & Shoulders top formation. A lower-risk entry for a short-sell position may present itself on break of the Head & Shoulders Neckline at $70. This break will also take-out an uptrend that has been intact for the past 24 months.
1 comment:
Hey steve, pretty good calls on this site:) I've enjoyed reading it.
Do you think Starbucks SBUX is bearish here? PE is high, insiders are selling, and there is a gap that @31. Any thoughts???? Looks like the move in the past 3 days has been artificial.....
Cheers:)
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