Precision Drilling may just have the same pattern as Netflix had the other day, that is an A-B-C down where C=A, give or take. In PD’s case a “logical target would be around $8 even though the level of the B-wave on the way up is a little lower, more in the order of $6. In Canada things might brighten up a little bit as soon as the frost gets into the ground. These rigs are heavy and consequently easier to operate in the cold , never mind the black flies etc.
Looking at West Texas suggests oil might still want to go a little lower, more in the order of $70 near-term, perhaps enough to give this one a little push down.
