technically looks like it but not willing to take a huge position on the short side, but seems to make sense to start small net short. For the opposite - I think for a break-out you need some unusual event to push oil to 118-20 and rig to 160-65. does the the recession win or do we see speculative money keep chasing a new highs? tons of over the top longs on this board due to huge move last 3 years so I know most expect another big move but looks tired to me.
If I had a dime for every time I saw a person who was short post stupidly and ignorantly: "double top" when a stock reaches a previous high, I could retire.
Only an idiot or an ignoramous would claim to "see a double top" WHILE AT THE TOP! By defintion a double top can NOT be diagnosed until AFTER it breaks BELOW THE LOW POINT IN BETWEEN THE TWO TOPS!
By the idiot's thinking, no stock could ever make a new high since every time it reached the original high it would be time to short it and say, "double top!"
Please, for the love of God, all you shorts, PLEASE stop posting "double top" threads when a stock is reaching the previous high. It's so wrong it's pitiful.
It's like declaring a touchdown after crossing the 50 yard line.
This isnt to say I think RIG is going higher or lower, it's to say you have no clue about what a "double top" formation is . . . or you're just lying and trying to scare people. Either way, give it up.