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RIGG34 trade ideas

K.I.S.S. Can RIG hold THE trend line?Since the beginning of 2010, there have been 5 rejections of a MAJOR RSI trend line on the 3 month big boy time frame, which closes soon. A successful breakout finally occurred on the 6th attempt. From the start of the trend line until the point of breakout between Janury and April of 2018, this has held as resistance for just under 8 YEARS STRAIGHT. 3 Monthly candles so far since have closed almost directly on this line, showing buyer support: The monthly shows an interesting situation. In March, the RSI dipped well below this trend line, but was rejected at entering oversold. After the oversold rejection, there was another attempt to break back above the trend line. It was rejected: HOWEVER. The last monthly was able to close a higher low in the RSI. The weekly chart is showing that RIG is still above that trend line, but very close: The daily rose beyond this trend line, but fell back below and has confirmed it as resistance. This insinuates there is likely still more downside to come yet: Interestingly, the daily RSI rejection of this trend line also coincides with my mock bear flag on two seperate occasions as shown: After price fell below my mock bear flag, there was one more test of support and then a nearly 400% rise thereafter. Not saying this will for sure happen again but it is most definitely worth noting. To give even more credibility to a possible bounce here: Histogram and MACD divergence: 3D showing the RSI is now directly on the trend line: Some positive news: seekingalpha.com I'm looking for a liquidity hunt in the mid 80 cent region and buying a small amount of shares there. If there is serious volume behind the move, this could potentially dump much lower than that. My shares *will* be a long term hold.
NYSE:RIGLong
by UnknownUnicorn5836947
4
RIG if pattern confirm OP up to $5Cup and handle pattern still on the going, but I change the objective price up to $4.9X to $5.06 MACD confirms the bearish movement, so we can expect the price goes lower, also StochRSI shows that we're on the bottom of the oscillation, so we can wait a few more days for the rising movement and the probabilty of a bullish trend if C&H pattern is confirmed. I think we can achieve the objective price before the next earnings results on august 2nd. Anyway: this is not an investment advice. but I'm in and I'll wait to see this. I think this is the same pattern for (with different objectives of course): NASDAQ:CDEV NYSE:CPE
NYSE:RIGLong
by v2c_cha
RIG - onward and upward?RIG is starting to perk up after holding its breakout area around $1.75. It held at the golden pocket marked by the $.76 low and recent $3.82 high. That high represents resistance that will take a little more consolidation action before a definitive push thru. The first attempt was parabolic and if you owned this in size for the $1 it traded at for better than a month you made out in spades. BTW it's $2 now and looks to me like there may be better times ahead. Targets galore on the chart but that $3.82 is the number to watch. A good push thru there and we're back in the original yellow channel that was the start of what looked like yer beginning of the next bull market for the stock. Same story big debt but they've got contracts going out 11 years. BK always a possibility but Transocean has been around for a long time and has been thru a lot. I remember when LVS traded down to a dollar and you looked at it and said it was a back up the truck moment back in 2008. IMO RIG should continue to move onward and upward and survive coronavirus. The only question is how big a truck.
NYSE:RIGLong
by BobbySpa
5