$RIG
Added 2023-09-23 16:48:00 +0000 UTC$RIG is in one of those situations that it will continue to climb whether or not it is in the corrective or impulse wave.
I am encouraged by the pull back in the middle of 2022 to the 0.618 Fib that this was a comfortable Wave 2 count.
So once the 1.618 Fib is reached at $10.20, be prepared for a pull back to the blue line at the 1 Fib at $7.20
Comments
The company is making encouraging progress. Ship drillers are back in biz and day rates are exceeding $500k a day plus commisioning of the ships. RIG still has a $7.2B loan ( deficit) on the books to deal with, but from what I read at these day rates the company is making $.The rates are likely to stay at these levels for 2-3 years. Keeping a eye on RIG.
Steve Suric
2023-09-23 16:59:00 +0000 UTC
