'Transocean is a leading international provider of contract drilling services for oil and gas wells. Transocean specializes in the technically challenging sectors of the global offshore drilling business, with a particular focus on deepwater and harsh environmental drilling services, and operates the world’s most high-tech floating offshore drilling fleet.' - ownsnap
Could RIG be a bullish play?
Possibly, predictions in oil demand and rigs is apparently increasing according to news articles aswell as insiders have been gobbling up on there holdings.
Majority of Analysts put it as a hold.
However its important to note RIG is $7.6 billion in depth aswell as the massive move towards clean energy has demonised oil.
Aswell as from as technical standpoint RIG is approaching a seemly steady Fibonacci resistance level.
To further analyse RIG a review on oil as a commodity should be conducted aswell to fully grasps a potential position.
Visualisation data below
Insider data:
Insiders have been lapping up RIG with a total of 5 purchases to a comparison of 0 sales
Insider Historical performance:
Possible Resistance levels:
Fib:
Monthly View
Daily View