With Oil ($WTIC) just under the $60 level, trend line & the 38.2% Fibonacci retracement, I see a leveling off and perhaps a rally in August. The oil services companies (NYSEARCA:OIH) has put in a 50% retracement and the top holding in the OIH is Transocean (NYSE:RIG). The stock is in the BUY ZONE and warrants accumulation with a stop set @ $60.
Market Value of $22.14B, well under it's Enterprise Value of $33.69B; Trailing P/E 5.55 / Forward P/E 5.65; PEG an amazing 0.27; Price to Book 1.21; $4.40 cash per share; OCF $4.92B & LFCF $1.88B. Improving Balance Sheet
Crude Oil ($WTIC) is currently testing the $60 level, it is possible that it could decline further [$57~ 200ma]
In my last chart I use Gold as a leading indicator to Crude OIl...about 4 months lead time. If you subscribe to this analysis, then crude oil should hit $55 and reverse?
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