Hello Traders,
This trade of the week idea is being brought to you by RIG. RIG has broke the weekly uptrend that his been in place for a while. We have had 2 consecutive closes below the trendline and looks to be forming a topping bearish head and shoulders pattern. I would watch this one closely for short opportunities and with the market currently at some short term resistance, it could cause a catalyst that can bring some selling pressure. The sector is looking good, but the drillers are looking a bit over priced. Now bulls have been grinding this thing higher, but with sector rotation going on we could see some money leaving this overbought sector. Some energy stocks are showing strength so we are not haters on the whole sector lol. Enjoy traders and do your own research as always.
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