This long trade in RIG from February is still alive and well, with about six weeks to go until Jun option expiration. RIG Daily Key for this trade in the next six weeks is a break above or below the Wave 4 horizontal parallel trend channel. A break above would target double digits in the shares, but more importantly, well into triple digits in the Jun calls. Late Monday Addition: SOX 30 Minute The Semiconductor Index is showing signs of a technical top. This breakdown on the 30 minute chart may be the prelude to a much deeper decline and could breathe some life into SOXS calls.
