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RIG/N trade ideas

RIG: At a crossroads, time to decideRIG recently broke out of its bull flag. However, since then oil prices have fallen sharply, creating selling pressure for RIG. RIG successfully defended the breakout yesterday when oil prices were down 4%, but RIG has another test ahead of it today as oil has fallen another 3%. In my opinion, the downside risk from here is minimal, but the upside is tremendous, creating a highly favorable r/r setup. If RIG is unable to defend the breakout today, I expect the stock will retest the lower trendline around $5.30, which I expect will provide strong support. However, if RIG is able to maintain the breakout even after oil falls 7% in 2 days, that would be a tremendous show of strength. I think it could go either way right now, 50/50, but I think the bullish interpretation is the highest probability at this time. It is possible that this stock could reach $20/share over the next 6-12 months.
NYSE:RIG
by TomDaSpankEngine
Transocean sinking like a ship in transit. RIGGoals 0.56, 0.49. Invalidation at 0.89. We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
NYSE:RIGShort
by Rykin_Capital
1