This could be a very healthy controlled selling on the way toward a retest of our purple selling channel and potentially a breakout thereafter.
This is what to look out for - and again this is on the weekly chart so definitely look at lower time frames to get a better/clearer picture
Happy Trading :)
- TraderDaddyOG
Market Overview:
As of the last trading session, Transocean Ltd's stock (NYSE: RIG) experienced a significant decline, closing at $5.22, which marked a 10.31% drop. This analysis aims to provide an in-depth examination of RIG's current technical posture, utilizing a variety of technical indicators and chart patterns observed over recent trading periods.
Technical...
Imagine You buy a stock or business, that You think was undervalued based on the "circumstances" and that you think has great value. You bought this at 1$, during 2020 November alongside with the oil rally.
Nobody knows the price. Everyone has a price target... Imagine my price target was 7$ - based on the previous highs. Chances are everyone will look at it the...
Oil is likely to be a huge player this year, the year after a tech run, value and certain commodities are likely to run. Rig has been on a major upswing since 2021. The stock meanders between two fib levels and has heavily consolidated here (.382). A colleague of mine pointed out Jan 2025 7$ calls and the open interest is huge. This more volatile play than XOM CVX...
Analyzing the options chain and the chart patterns of RIG Transocean prior to the earnings report this week,
I would consider purchasing the 6usd strike price Calls with
an expiration date of 2024-6-21,
for a premium of approximately $1.59.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward...
Good morning,
The market has been in an interesting place recently. For now, it seems like pressure is on it for lower. Until proven otherwise. A potential good short opportunity for a stock right now is NYSE:RIG , aiming to reach $7.50 by end of October or sooner.
Note: Options position
it's ike buying a pair of jeans .. and not using it
probably the next big thing when oil hits $100 or ARAMCO debuts soon
it's all a cycle for the benefit of the few greedy players
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notice the VOLUME underneath relative to previous years..
those whales splashing discretely while price at sub $2 is at rest
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thieves like to accumulate when no one is minding...
NYSE:RIG is in a good uptrend. All short term moving averages are above long term (200sma) moving average. It's also hitting Fibonacci 50% lvl.
My target is the supply zone between $14.15-$16.66.
Stop loss closing below $7.65 or for more flexibility close below $6.77
Rig weekly chart is at your disposal. You can see that this index has risen sharply from the bottom of the daily channel and the bullish candles are still strong, and this indicates the interest of buyers. And also it has broken its very important resistance level and also made a pullback and is ready to continue the upward movement. We will see a good growth in...
RIG update on the continuing ascending triangles.
This is the third one showing since February 2021.
Withs the current procurement situation worldwide, I think this stock price in bound to increase dramatically.
If confirmed:
Price target = 11.62$
Stay humble, have fun, make money!
On the 4-hour chart, the trend started on May 3 (linear regression channel).
There is a high probability of profit. A possible take profit level is 6.98
But do not forget about the SL = 5.41
Good luck!
Regards, WeBelieveInTrading
RIG recently broke out of its bull flag. However, since then oil prices have fallen sharply, creating selling pressure for RIG. RIG successfully defended the breakout yesterday when oil prices were down 4%, but RIG has another test ahead of it today as oil has fallen another 3%. In my opinion, the downside risk from here is minimal, but the upside is tremendous,...
RIG may be signaling some weakness in the energy sector.
This heavily indebted stock has massive movement when oil is strong but the same can be said when oil is wweak.
Poor guidance knocking & breaking the trend...On watch for continuation.
