RIG/N trade ideas
RIGTriple bottom at all time low. Similar pattern to $KOL (coal etf) and steel/mining stocks bottoming last year.
TRANSOCEAN LTD (RIG) Long TradeLong term position in TRANSOCEAN was initiated on 27.08.2017. The Stop of this trade is below 6, but I am willing to keep this trade as long as needed and possibly to reevaluate stop if necessary. Current Risk/Reward is 1.5. We are betting on the stabilization of oil prices and good chances the oil fracking industry will survive and the best companies will prosper in near future. The macro bet is on rising inflation and possible rise in Oil prices as well. Additional support is the extremely low financial valuation of this company.
RIG Investment Opportunity RIG reset to lows not seen since 1994. This looks like a great long term hodl
RIG: Early signs of a new life for oil drilling?Some chartist have observed that the RSI (14) tends to move in ranges. Notice in the daily RSI that the value until 2014 stays at or above the low range on dips. Then it goes way below the line in 2014. Some chartists would see that as a sign that the winds have chaged and a bear market may be starting, which it was. The high of the daily RSI never went above the normal range until 2014 when it went way up. Was this a sign the winds have changed again? Before this there were a series of new lows in price {NL) but so far not since.
Encouraging article :
seekingalpha.com
Long Rig: Target Price $26 from $9Head and shoulders pattern, Rig is going to $26 (fill the gap) soon.
RIGN arrives close to an important weekly support.Transocean arrives around a cluster build with a weekly support and the lower line of an uptrend chanel (in blue)
It will be crucial to decide which direction the stock wants to take from now.
I am in favour of buying the support. But be careful don't forget to place a good Stop Loss below, in case the market decide to go down.
RIG hits my down target. Time to finally turn around?End of March I suggested a down target for this drilling company (see link below) which has now been reached. RSI oversold still with a positive reversal. Waiting for bullish candles.
Offshore Drillers...: on Brent above 55 the gap should be closedI guess 15 on RIG is reasonable on rising UKOIL. Maybe 17...
RIG daily log: One to keep an eye on. Also see weekly chart.
Could start up from here but I suspect there may be one more drop to a .62 to .78 correction before we hit "b" and the next up swing begins. When it does I would put the up target at about 20-25 where there is a lot of overhead resistance.
Note positive reversal in the daily RSI. May be forming a bullish divergence to follow.
RIG Weekly: taking a look. Turning around. Also see Daily chart to follow.
RIG is a offshore drilling company which as you see above has been in a long term downtrend esp with adequate oil supplies available already and oil prices down.
It has made a recent bounce right up to the center line of the down channel. I favor there is more up correction to come soon perhaps up to the top of the channel.
Some info on the fundamentals:
seekingalpha.com
seekingalpha.com
RIG DiagonalOkay, here's a little different play than normal. With IV low across much of the market, I am looking at getting long a few beat up stocks with some synthetics.
Trade Setup:
+1 RIG Apr 21/ Mar 24 11/13 Diagonal @ $1.50
DTE: Short Call: 11; Long Call: 39
Max Win: If at $13 or above by Mar 24 - $50
Undefined if Short Call expires worthless
Max Loss: $150
Breakevens: $12.50
Trade Management: This trade is small to begin with, just a few testers I'm going to try. Best case scenario, the 13 call expires worthless by Mar 24 and then the stock continues to drift higher after (we can dream, right?). Worst case scenario, I'm out $150. In the event that we climb over $13 and my short call before Mar 24, I will just take my $50 and move on.
If the $13 call expires worthless and I keep that premium, eliminating all extrinsic value at this point, then I'll hold the 11 call and try to take about $75-80 on the whole trade. If I don't feel RIG is moving enough, I will make a discretionary call to sell another 13 call at the same expiration as my long to further reduce my risk. Either way, I'm okay with the small loss potential on this trade from trade entry.
Green is profit zone; Red vertical bar is Mar 24 expiration; Vertical black bar is Apr 21 expiration.
RIG - Earning todayIndustry: Oil & Gas Drilling & Exploration
EPS due date: Feb 23 2017
Horizontal S&R: yes, $13
Channel S&R: yes
MA S&R: no
>200ma: yes
Volume confirmation: should be EPS today
Candle Confirmation: yes
Stoch Divergence: yes
Reg Trendline >85: yes, 94
Short Float: 18%
We all know Crude is manipulated so if I trade this I will do very little size.
