SDRL an oil services and support company LONG
Updated
SDRL is a Scandavania / UK-based company supporting offshore oil drilling projects. On the
daily chart I have drawn a green support trendline and a red resistance trendline from the
higher weekly timeframe. Fundamentally- it has had two consecutive earnings beats. Per
Tradingview, the average analyst has a price of $45 as a target and technically it rates
Strong Buy. On the chart, SDRL is sitting at the confluence of convergence of moving averages
with the POC line of the volume profile and inside a symmetrical triangle which could
be considered as demonstrative of consolidation and volatility compression and sometimes
called a Bollinger Band squeeze.
I will take this long trade targeting the line just below the supply zone of the Luxalgo indicator
and setting a stop loss at the bottom of the high-volume area also marked on the chart
SDRL could be a takeover target with the buyer being any number of Big Oil companies
Should such occur share prices would escalate far beyond any current expectations.
daily chart I have drawn a green support trendline and a red resistance trendline from the
higher weekly timeframe. Fundamentally- it has had two consecutive earnings beats. Per
Tradingview, the average analyst has a price of $45 as a target and technically it rates
Strong Buy. On the chart, SDRL is sitting at the confluence of convergence of moving averages
with the POC line of the volume profile and inside a symmetrical triangle which could
be considered as demonstrative of consolidation and volatility compression and sometimes
called a Bollinger Band squeeze.
I will take this long trade targeting the line just below the supply zone of the Luxalgo indicator
and setting a stop loss at the bottom of the high-volume area also marked on the chart
SDRL could be a takeover target with the buyer being any number of Big Oil companies
Should such occur share prices would escalate far beyond any current expectations.
Trade closed: target reached
Flat toppint wicks @ target closed this trade 20% ROI
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