Precision Drilling Corp. $PDS could be a buy-on-a-dip candidate in a bullish reversal scenario.PDS Daily Chart(click to enlarge)Bullish Breakout:- In the daily chart, we can see that price was in a sideways consolidation range for the second half of 2017. The prevailing trend was bearish.- After what looks like a rounded bottom, price rallied sharply in December 2017 and broke above the range resistance around $3.25.- Price retreated after tagging $3.50.Key Support:- If the breakout is indeed indicative of further upside, the market should support PDS at or around $3.00/share.- The daily chart shows that the cluster of 200-, 100-, and 50-day simple moving averages (SMA) are just above $3.00. If price can bounce off of these SMAs as support, it is a strong confirmation of a bullish reversal.- Also note that the area around 3.00 is the upper area of the consolidation range. Finding support here would be a bullish sign.- Finally, the RSI is right around 40. If the market is going to maintain the bullish momentum from Dec 2017 into Jan. 2018, the RSI should hold above 40. Upside:- The weekly chart shows that the overall market has been bearish. So we should limit our bullish outlook.- The most aggressive outlook in for 2018 will be around $6.10. This bullish outlook is within the context of a sideways market set by 2016 price range. - A conservative outlook would be $4.50-$4.60.PDS Weekly Chart(click to enlarge)