The shorts are probably tired of watching this long -slow- melt up in share price. It's been like watching paint dry for them, and their short positions are not bringing them much profits any longer (I suspect they're covering and moving on elsewhere).
Yay. The steady accumulation, and slow climb Up in price, has go RIG above the 25, 50, and 100 day moving averages. That's pretty good. The Shorts will be covering soon too. The slow climb Up, is just eroding away their profit potential - if they have any. It's been like watching paint dry for the shorts, oh well.
Time will tell, but it looks like the 25, 50, and 100 day moving averages are all coming together. RIG stock has been trending sideways (to Up) over the last several weeks timeframe.... the shorts are watching paint dry here. *Has anyone noticed a slight change in the tone of the reports about the Drilling Industry and how things may not be as 'Bad' as they first thought they were 7 months ago.?
I agree, there has been 6 to 7 months of bashing these companies..... stock prices have fallen..... Now, Let's see what happens when the articles change their tune and sound more Positive.
Absolutely. The World demand for oil is only Increasing ....... Oil companies will Need To Drill, and they'll Need the drillers to explore and drill those wells. And many new wells are going to be using the Ultra-Deep rigs....but that doesn't mean that the shallow rigs will just become shuttered & closed.
Didn't just read a front (web) page article talking about higher gas prices, and higher Global Demand for oil.?? Higher demand, higher Prices, more profits, more exploration & drilling......
Shorts have slowed down the fever pace, and imagine they'll start covering..... shorting RIG is like watching paint dry, and these shorty guys want action & momentum. They will leave RIG soon. .
plus, the 50 day moving average should be starting to move higher again.
WHEN DO SHORTS BEGIN TO COVER..... I say they've already started, and they'll do more as RIG approaches 45 soon. ((shorting Rig the last three months has been like watching paint dry. They'll move on soon, to more momentum type stocks.)) Good Luck to All.
Then,....let's create an article with LOTS of "IF" statements.
If this, If that, If Pigs Could Fly...... come on...
Shorting RIG has not been that-good of an idea the last little while. My Guess, The Shorty's will simply "move-on" to greener pastures pretty soon. They don't have the patience, they need momentum,....and RiG seems to be slowly moving against them eroding any profits they once had.
It seems the stock simply "closed the gap-open" that's all..... I think it's a Good thing, versus having gaps up & down in the stocks daily movements.
Well, we are above both the 20 Day & 50 Day moving averages, and the 20 day has actually crossed above the 50 day average & it's and moving Up. The 50 Day average is pretty flat, and it looks like we will reach the 100 Day moving average pretty soon. *seems like the recent trend has started moving Higher (rather than lower). Time Will Tell......
Come July, the Alaska rig starts a three year contract with Shell. It's at a rate of 620K for months July through October, and 589K for rest of the year.