SDRLO trade ideas
SDRL - another look A great longer term buy and hold stock in general (in my opinion)
This is another time to be more bullish than bearish.
SDRL Day Trade Retest Gap (Feb23,2015)SDRL expected to open at 11.83 for a Retest Gap. Watch out for nearby pivot. To learn to trade this strategy for free go to www.RealLifeTrading.com
SDRL gaps down on higher volumeThere are three reasons why I am not looking to take any new trades today. Yesterday was a bank holiday in the US, today is apparently a half trading day, and finally it's the last trading day of the month. To me this means volatility may be affected and I'd rather stand aside than get whipsawed.
However, if I were to take a near-term short opportunity the set up on SDRL looks very good. Price as been trading below the 200dma for a coupe of months and the last trading bar gapped down below recent support and also support from the low of 2010. There is some way to go before the next support level. Volume was up on the gap - adding to the likelihood of a continued move down.
SDRL Breakdown?Possible downside to SDRL...
- Break of the neck line in the H&S pattern coupled with a break of the upward channel at the same spot
- Big volume making this move
- Pink lines are Fib levels from the downward move from the head of the H&S pattern (possible support/resistance)
- Blue arrows show possible price movement
