$RIG has habit of forming many triangles, in most cases, targets are not achieved based on 23 trades only 45% resulted positive and this may not be the case this time because its rare to see a triangle within triangle and rarely it fails but may take more time to fruit any positive result. Another important short time bullish signal failed as well. Look the...
38.50 support is still holding for Transocean. Crude oil high price related to recent geopolitical events will push the stock price higher. Inverse H&S pattern you can verify yourself on the daily chart is already out of the neckline and gives a good entry point at the current level (44.30). Exit point to be evaluated at a later stage.
As shown in the picture above RIG is acting technically and stays in the cross points of different trading barries. How ever point of least resistance points upwards considering if stock price remains between current long term support.
This thing is almost following the other stock I am watching, DO. So i was just wondering, should i be looking for what contracts these guys get from other major Oil companies such as XOM, CVX, COP, BP, ext,,.. as indicators for catalyst? Is Oil and Gas industry still in demand compared to electricity and other utilities going forward?
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells across the world. If we look at the chart, every single matrix using the Ichimoku Cloud tells me that the stock is headed lower. It is trading under the Ichimoku Cloud, it is under the 9 and 26 period moving average, and both the past and future...
Perhaps RIG will hold here and gain traction for a move higher to its loosely correlated crude oil comparison.
A little chart background: Crude Oil had jumped far ahead of RIG last year and then late last year RIG jumped up and closed the gap between the two markets. Since then the two markets, RIG and Crude, have been waffling around.
I see a decent,...
I'm generally a longer term investor. I like to invest in sound companies with good cash-flow and balance sheets that I don't believe are going anywhere in the next 5 to 10 years. I wait for these companies to bottom then I wait for strength and signs of a trend reversal, then I look for a level where first support will likely be. I think the $44 dollar level will...
We have confluence on this chart.
First there is a strong support that you can extend more to the past and will find important levels that worked and second we have the ratios for a butterfly.
Let's see how this works.
Looks bullish as it is putting in a Doji cndlstk. for Sept. on the monthly at the apex of the macro wedge...which could mean a b/o soon of the macro wedge if it can get above the downtrend line around 48 w/ vol.
