Go to Stockcharts.com and put in all your paramaters, especially RSI and SloStochastics. Use about a 6mo chart. When you see RSI's below 30 and SloSto under 20 start nibbling. If you look back at the chart we had that indication at 43-45 and RIG went lower. So you add a little more. DON'T buy the whole amount at once. I bought some at 45 and added more at 40. A few weeks ago I wrote covered calls for 57.5 and it was exercised. So I had a nice gain and am also looking to get back in.
I agree with emily, one because i like the name and two because everyone is getting worked up and grasping for one reason or another but they keep missing the point. Rig is currently being traded with the market, that being said. Many would believe that since we have reached Dow 13000 that we should be set for a pull back. well guess what, were already back to pre-recession Dow values. It's almost incomprehensible to surpass say DOW 14000 when our economy and the global economy at that is crying everyday. The bottom line Corparitions are becoming more effecient everyday and increasing the bottom line. We're set to see DOW 15000 by year end. Once we get past the 13500 hurdel, Everyone starts pulling back as soon as 13300 or so, but this is just natural testing. Even the high frequency computers can not quantify why the stocks should pull back, so once we pass 13500 we will see a quick rise to 14000 and RIG is sure to follow.