SDRL has been in a large downtrend, recently it has seen a large price pump, this may be due to fundamentals however we will stick to charts. A short opportunity has opened with the recent pump, touching the downward trendline and indicative of a possible bearish reversal.
For those that followed me in SDRL. Close final positions and take profits at gains of greater than 100%. Prepare to rentry at .20-.24 and hold for a long term gain.
You can also short with puts to (.50 puts)
This is a good trade to follow and for review read my prior to analysis for long term positions. This is better than crypto because it is oil, oil,...
Stock went down from very high price to $1.57. Consolidation in progress.
This chart show that a good company can have a bad stock... I think this is a corrective movement after hit the $1.57 ATL
Flat to the upside... so, I do give a bigger probability to the ABC correction rather than impusle wave.
This is a daily chart but count based on weekly. Let's see how...
All in with stops at $41... oil is going much higher soon.
strong bullish movement here with constant rejection at $41
It looks unlikely that we might see an September/October market crash if oil starts its next big leg up here, which is historically volatile.
Any confirmation of uptrend may easily bring SDRL beyond $5~7. This is a pretty nice proxy to play on...
The stock is certainly in a longer downtrend. A Turnaround is to early to tell - Even though, it can be time to start looking at a longer term Long position in the stock. Looking at the timecycles "Low to Low" from 2004 - present, It seems to come in a cycle Low every 76 to 81 weekly bars or every 500 to 550 days. We might now be at week 77 from an earlier Low....
![SDRL: Seadrill [SDRL]](https://s3.tradingview.com/p/P3ZCHK4P_mid.png "Seadrill [SDRL]")
