While it could, the last thing I’d want to encourage is trading in and out of RIG when oil is finally starting to hit higher pricing ($56 on WTI crude and $60 on Brent crude). Because, you run the risk of it taking off and leaving you behind, at some point. The train would leave the station without you on it.
Now…if you’re not in it, I don’t suggest entering it. But if you are in it, the above would apply.
Oil is in wave 3 still. Wave 3 will be amazing for many of our stocks (E, XOP, XOM) and wave 5 will be best for older picks that need the highest oil prices (RIG, OVV, DVN, etc.).