Below is a seasonal chart of crude oil, historically it has risen from March thru October.
In the Itz Pix portfolio I have suggested 2 drillers- Pride International (PDE) and Transocean (RIG), I have also suggested gas LP's PGH & PWE as well as Suncor Energy (SU). Today PDE reported earnings and the report was negative >> READ
It is testing recent lows and close to it's 200-ma. If you were to pull up a chart of RIG it to is near it's 200ma. The last time RIG tested the 200-ma was July of 2009, where Itz Pix suggested entry. *NOTE: OIH is trading slightly above it's 50-ma (Bullish). So my outlook is that a near term rally in the Euro (weakness in dollar), seasonally favorable chart for crude oil and the technical support levels for the drillers...is keeping my bias to the upside. I've suggested setting a STOP on PDE @ $28. I continue to see oil rallying to $90.