NBR pullback to base breakout

7 Mar 2012

I have labeled support levels and resistance levels and I am looking for this level to hold here and for a rally back to $22 where I will gladly exit for a 10% gain. I believe the risk is less than the $2 potential reward that I see, but unless you buy put options to lock that in, there is no guarantee. If there is a drop to $19, then all the better as the upside will be $3 and the risk only $0.50 at that level for a 6:1 ratio. Here the ratio is close to 1:1. Cheers. Technical Tim 11:52AM EST Wed, Mar 7, 2012