Transocean Ltd. (RIG) may be at a turning point.The latest earnings beat expectations, Transocean could end up as the sole survivor within it's market segment & we might see a mighty short squeeze in a very near future.
RIG 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.
RIG opportinity for a few good tradesRIG ....under pressure
looking for bump then settle into bankruptcy
$RIG 30% Upside for TransoceanTransocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1954 and is headquartered in Steinhausen, Switzerland.
RIG: Descending Triangle, ConfirmedDescending Triangle, Confirmed
Pros
200MA descending
PPS below 50MA and 200MA
ATR descending, less volatility
Broke support with lots of volume
250RSI below 50
RS below 0 and falling
No support below the current level
Target price
If downtrend continues, could become fractionnal
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
RIG - ready to move?Looks like it! RIG is bumping up against key resistance and a break should bring some higher prices and possibly an attack of the $3.82 high from three months ago. Watching closely!
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.
$RIG Transocean up on a down day,
Nice reversal setting up as the stock found support on the Fibs
The 100ma is now support and could help send the stock on a nice run higher
Indicators also reversing
$RIG Transocean Bullish Reversal 30% potential
Stock has found support on Fibonacci Golden pocket
100ma is also reclaimed as support.
MACD reversing from Zero-line
Histogram ticking higher
30% upside potential
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$RIG Transocean Ltd Reversal Potential Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1954 and is headquartered in Steinhausen, Switzerland.
$RIG Transocean Ltd Bullish Reversal
MACD and Histogram bullish.
Oil back above $40
Deep reversal complete
Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1954 and is headquartered in Steinhausen, Switzerland.
$RIG Bullish reversal targetsTransocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1954 and is headquartered in Steinhausen, Switzerland
