NE is in the oil and gas service sector which has suffered of late. Still in a downtrend but I think the move up at the end of 2016 (labeled 1 or A) may well be followed by at least one more up move to 3 or C. May get a drop tomorrow to c=a on the dialy chart. Watch closely for a bullish candle formation then could use the low of the formation as a stop. ....
Deje el grafico mas limpio, la medias que figuran son MM4, MM9 y MM18 (roja). Habiendo registrado una correccion al 61,8% desde el minimo de $5,91 podemos entender que esta en busqueda del objetivo de extension en $7,65 y luego $8,38?
objetivos probables $7,65 y $8,38
Appears to me NE is building the classic stair step pattern.
Here we have some Harmonic's , Fib's and the start of a Wolfe Wave which will only become more clearer in the Future . I have shown the Node's as to the Support and resistance points . 8.38 Area is a very big possibility of a re test and after that the 161.8 Fib extension at 10.80 there will be corrections on the way but look at the support and resistance points...
Buy in the range of $5.5 - $6.1 and you won't regret it.
The sentiment for the drillers at this point is still slightly bearish overall. NE is also perceived as being a little weaker comparing to RIG etc in terms of backlog. That's why I think it has a good change to revisit $6.0 or even lower. The chart is just a reference and could be totally wrong. The market also needs time to realize oil is going up permanently....
NE Might Get Stuck in Consolidation for a While, before heading up again. Longs should hold and wait.
My previous chart was rushed and while the setup may be possible, it looks strange (the time and scale don't feel right). Here is a more plausible view.
The general market is under pressure so NE Longs Need to be Patient.
Sentiment is getting better but OPEC has to cut.