Channibal
Long

Bullish Engulfing Reversal Play - $RIGP

NYSE:RIGP   TRANSOCEAN PARTNERS LLC
$RIGP painted a rather strong bar today, with more than 2 times the average volume . Looking back at this past month, there were 2 instances of a short bull run that yielded a $3.72 and $4.36 rise, measured from Low to High, and each represented more than 20% increase. An Entry off today's high, with Stop set at today's low, will bring 2R profits if Price can reach $18, which appears to be a significant resistance level . Such a run would equate to a ($18 - $13.5) = $4.50 run, which is, no doubt, a bit optimistic. Maybe a tighter Stop can offer greater Return, but that's up to the individual trader.
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