agree, this is a very strong downturn for drillers and I will be patient for entry, but still like ne 28, but now esv at 45 instead of 47, rig has to be in mid 30's before i even consider it (too much risk there)
agree 30 is a safe entry but market often exaggerates downside moves, especially in miners and drillers, which are very oversold on rsi. my thesis is that sp downside is to 1740 before up, which could take 3-5% off drillers, especially on spike down. if whole market goes down even more, i would prefer to be stuck with esv given divi and quality of company. When i was young man, money manager friend of mine said trade dont invest in oil drillers, which has worked for years.
lot of unwarranted negativity here for an opinion, look at chart of ne which ranges from 28-43 for many years, esv is the best in my opinion and may go below 45 but 47 is good entry for quality company with great divi, rig is highly controlled by hedgies but low in last few years has been 38 and often goes back to 50. I am a fundamental investor, but imo, the drillers and miners are for trading and it has been successful for last 5 years, especially when ne goes below 30
hello all, you guys occasionally see me on the board, i only trade drillers on price (not as investments). Looking for ne at 28 for swing to 35, esv at 47 to swing to 55, and rig at 38 for swing to 45. Yes, i am a bottom feeder but it has worked for years with drillers. date drillers, dont marry them