bmw, its wasnt meant to be a counter argument, I take what the market gives me. I became an investor in 1993, but the 2000 market crash (bubble) taught me a lesson. SO since 2002, been trading market cycle trends ever since.
For my calculations, RIG formed a head and shoulders pattern that completed in 2010 (right shoulder), the head was formed in 2008 when it was trading over $160 and left shoulder in 2005. I firmly believe RIG will trade down to the 2005 baseline of $35-$36, where it broke out to form a long uptrend (from 2004 to 2008). That is simply my opinion based on the long term TA metrics. GL
RIG never traded below $60 in 2005...you might be thinking of 2003-2004 time frame. I'm not as heavy into technicals BUT the last $10 point decline with hardly any bounce and with today's selling right at the open even when the market was up 75points and now lossing almost all of yesterdays gains while SDRL still holds a 4 day positive this could be 2002-2003 all over again. LOL...I'm just mad I didn't buy SDRL which has climbed for 4 straight days instead of RIG.