Subsea 7 has a big short position by various high-end funds in the SSR registry with the financial authorities of Norway. Technicals look promising having finished a big w-formation while hitting the top in its current channel. Short term double top, with a break of trend seem to chart the course for 100NOK target where first solid resistance come into play. The company has a big cash position which seems to have been a safe bet during times of crises but it's highly likely it has provided a pile in of sector exposures which like will head for a reverse given all the other goodies in the sector now having cleaned up and re-shaped their stock and balance sheets. Short-term put options look cheap (107,50 strikes).
Trading ditutup: target tercapai:
Hit a low of 100NOK today before bounce back but time to get out ;) It has touched the low of the channel which was the aim of the exercise.