RIG: Early signs of a new life for oil drilling?

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Some chartist have observed that the RSI (14) tends to move in ranges. Notice in the daily RSI that the value until 2014 stays at or above the low range on dips. Then it goes way below the line in 2014. Some chartists would see that as a sign that the winds have chaged and a bear market may be starting, which it was. The high of the daily RSI never went above the normal range until 2014 when it went way up. Was this a sign the winds have changed again? Before this there were a series of new lows in price {NL) but so far not since.

Encouraging article :
評論: Correction: "never went much above the normal range until 2017" when it went way up.

Surprising day to me. But noticed just went below the previous low for a moment right ar the midline of the down channel. Have to see what happens over the next couple of days.
I bought in a few months back and was sure the bottom was in after earnings, only to get smashed the 2 weeks following. I'm still long, longer even on this one, as I believe it has broken the yearly downtrend and this latest dive was a solid retest of the break on the SONGA acquisition. I think at a minimum it should trade back to near the $12 range if CL can manage eat away at the build. I am concerned on how a dilution of the shares via a new equity offering may effect the price if it isn't already priced in on this latest move down, which I think it should be now they articles I have read say it could be a 32% dilution, and I think it was trading right at $8.55 when that came out. I'm going to watch closely what it does over the next few weeks, if it rockets up next week after closing at the highs today, we could be in for a bullish year end rally, that could well exceed $12.
goodguy ktbaldwin21
@ktbaldwin21, thanks for the feedback. On the positive side there is a strong bullish divergence in the daily RSI. On the negative the price suggests to me there could considerable more downside So personally I am waiting at least for a breakout from the down channel. Take care.

Yea they ran stops at the ATL.
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