RIG is approaching its 200-week smoothed moving average on unusually strong volume. I will be watching for a clear break and support on it. The last time this occurred, the stock doubled. With growing recent volume, a strong uptrend appears to be in play. This narrative could develop significantly if geopolitics continue to push oil and gas. Additionally, D. E. Shaw upped their holdings of RIG by +1,000% last quarter (between the orange vertical lines), which I like to see. 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.