Jim Letourneau's Blog

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Howdy Nabor

Nabors Industries has been toying with the $50 level first shooting through it and then violating the "resistance becomes support" theory by dropping to as low as $46.20. The "big picture" for Nabors looks great. It has been bouncing between $46 and $54 recently. The next resistance level is $60 and trendline support is holding.

The big picture for oil and gas service companies continues to improve. Land drillers are in the sweet spot as companies either target lower grade accumulations that require 100's of wells or deeper targets that haven't been developed yet. It is fun to speculate on oil and gas companies looking for the big high risk/reward discovery but the company that drills the well gets paid whether it is a gusher or a duster.

The Big Picture Speculator has been featuring some junior Canadian service companies with good prospects.

Nabors Industries