Rig opportunity, Transocean '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 $7.6 billion in depth aswell as the massive move towards clean energy has demonised oil. Aswell as from as technical standpoint RIG is approaching a seemly steady Fibonacci resistance level. To further analyse RIG a review on oil as a commodity should be conducted aswell to fully grasps a potential position. Visualisation data below Insider data: Insiders have been lapping up RIG with a total of 5 purchases to a comparison of 0 sales Insider Historical performance: Possible Resistance levels: Fib: Monthly View Daily View Longby Mikey_Scali4
TransoceanChart pattern: Cup and handle Entry: 4.3$ Stop: 3.79$ Target: 5.77$ Risk/Reward-Ratio: ~ 3:1 Stopmanagement: ATR Stops daily chart default settingsLongby Cape-Peninsula-Capital336
RIG Continues In Its ChannelI put this RIG chart together earlier this month and it continues to hold true. No major consolidation just a channel trade with higher lows getting put in. With global shipping becoming a bigger point of interest right now RIG could be one to watch (assuming they don't do something stupid like raise money at a drastic discount). "the oil demand this year has only started to rise in the past six months. This is a clear reflection of the effects of the pandemic coming to an end. While no one knows exactly when the pandemic will end, it looks like people are beginning to resume travel internationally and domestically. For this reason, many investors are betting on the future of the energy industry. Whether this is enough to make RIG stock worth watching is up to you." Quote Source: Hot Reddit Penny Stocks to Buy? 10 That You Should Know About by PennyStocks1013
BreakdownIt appears that the bullish ascending channel has just broken down. I had expected it to fall to the lower end, then move sharply higher towards $5. I see 3 scenarios. 1. It could just keep moving sharply lower. 2. It moves side ways for the rest of the month against the higher trendline of the descending channeling that is being formed, then it either sharply recovers or breaks down. 3. The bullish scenario is it sharply recovers in the next two, assuming tomorrow we sharply above $4Shortby Quantstreetbets0
Cup & Handle Formation and TargetRig completed the Cup June 8th which it started forming on March 10th. The Handle is about to get complete and I expect breakout starting next week. Target on the Chart. Goodluck Folks. LONG RIGLongby Bullishcalls114
RIG Channel trading right nowRIG still holding a relatively clear channel right now. I think with the discussion on inflation it could get (and seems to have gotten) folded into the "inflation strength" conversation. "So, why exactly is Transocean a play for inflation? Well, as stated earlier, energy penny stocks have a great amount of demand to contend with. This demand increase could result in increased financials for the coming periods." Quote Source: Best Penny Stocks to Buy Ahead Of Inflation? 3 To Watch Right Nowby PennyStocks1010
Oil Play (RIG) Oil price is on the rise. People are out and about travelling for their summer vacations. Estimates predict that the price of oil could climb as high as 80 per barrel this summer. by Collin082
Oil Play RIGGreat swing candidate right now. Finished cup and handle Bounce on 20sma Bounce on 50rsi Longby DrFreshOne5
LongBelieve, from here, it could either retest bottom of channel of 3.20-> bounce to rally. Or it consolidates before breaking above (a longterm downtrend); Or big volume, fire power shows up; bullish once breaking above 4.10-4.20 levels. TP at 5-5.20$ range, re-tests 4.20-4.50, before moving higher. Catalyst will be WTI and XLE/XOP markets. Fundamentally I believe the narrative of "bad oil" will change once technicals align bullish, and whole XLE shows strength; narrative will change to "we still need oil" hence these media analysts hate to look bad/wrong. Once XLE shows strength, people have a very short sighted memory, but we may see soon. by citsvar0
Breakout and pull back...As expected with the strong momentum of oil RIG pushed out of the the consolidation period and broke out. it reached a high of 4.31, and pulled back to the new support level of 3.71, which was previously the resistance level. This is a perfect breakout, and pull back before it takes off. RIght now it presents a great buying opportunity. Dangers and cons: The first major con i would say is in relation to the price of oil. Previously RIG had reached a high of 4.9, when the price of oil was at a high of 64, but when OIL hit a high of 67 this month RIG wasnt at a higher price than when the price of oil was lower. This is a big set back in my opinion. The second danger I see is that the price of oil has pulled back significantly. The price of oil currently lies on support, and appears to have fallen out of the bullish ascending channel. The past few weeks OIL tried to break past the 67 price resistance, but no success. There is strong selling pressure at that level. If the price of oil doesnt recover back soon it could present a really dangerous downside for rig. The last and major danger to the whole energy sector is the Iran deal. There is significant progress being made in the IRAN deal, although there is barriers that they need to overcome. In the event that the IRAN deal is struck I recommend getting out of all energy companies. The Iran deal is an extremely bearish catalyst, as could be seen in 2014 when the IRAN deal was struck, which led to a massive glut in oil that lasted well over 3 years. Pros: The set up is extremely bullish, and inventories where better than expected this week. The Pros are not as big as the cons, but could be a profitable position if the right cards are dealt. RIG moves in big steps, as oppose to steady rises. If no position is held I say the current price presents an attractice price. The second best price is buying above the 4.35, and hopefully catching the next big breakout. Longby Quantstreetbets1
cup and handleas long as WTI heads in right direction, MAs here are slopping up. Price Target 4.70-5$ by mid june. Multiple Resistances.Longby citsvar7
Weakness or a powerfull coilRIG has lagged major oil players such as xom. Xom was able to breakout of the consolidation in the 55 range to be past 60 dollars again. RIG on the other hand has failed to breakout past the 3.71 resistance level. This is on the back of a major move in oil prices up. When oil was at 64 a few weeks ago RIG reached 4.5, but now that oil is at 65 its trading at 3.5. This might be a major sign of weakness, especially on the back of earnings, which generally came in as expected. However, This if it does break past 3.5, i see a massive catch up move past 4.5 into the 5-6 range. Economic: The API released inventory levels, and it came in extremely bullish. The draw was -7 compared to -2 expected. Oil did move down lower, although I expect OIL to move past the $70 range. This will be a major multi year resistance level. In the past Donald J. Trump will start tweeting any time oil hit these levels. I expect RIG to move dramatically up, as we approach those multi year resistance levels in crude oil. Trade set Up: For this trade i recommend buying in at 3.8, with a stop loss at 3.2, and a price target of 5. At 5 I would add to the position and move the stop loss up to 4.5. From this point I would not add to the position until the 7.2 resistance level is broken up. For trailing stops i recommend the low of the trailing 5 day bar. Longby Quantstreetbets2
$RIG long looks great hereConsolidation following healthy retracement, New MACD Cross on the daily with bullish divergences in Money Flow and Momentum. I like it long over 3.65 (clearing potential resistance)Longby vinen1
Bullish on RIGEasy double bottom. Strong day today setting up a strong break of the neckline. Stop based on Fid, Target set up at a 5 to 1 W/L setting. Stochs are primed. LETS GO!!!!!!!!!!!!!Longby AWDConservativeUpdated 4
Breaking 3.70 Resistance soon ?It appears that RIg is attempting to get out of the 3.70 resistace. Its made multiple attempts now, with the last one quickly being rejected. It appears the stock is moving slowly towards resistance, which should be enoug energy to smash through. Now it needs a catalyst. Oil was pushed down after europoors decided to go on lock down again. There was hope the opec + meeting would push oil past (WTI) past 62, but that failed, as seen by todays (4%) down day in XLE. There is no more major catalyst, whcih could send the stock higher. SO what will push the stock higher? 1. Higher Demands is seen coming this summer. 2. 90% of American should be vaccinated this month ( have the option to get vaccinated) 3. European lock downs should end this month, whcih should bring some excitement to the oil market. Downsides? The major downside that I see is OPEC+ increasing supply faster than demand rises. They decided to raise supply in anticipation of higher demand, but if they supply and demand is matched or undermatched we would soon see supplies and inventories rise above the 5 year average. While not a sure trade I think it offers a handsome return to anyone who dares trade this. Longby Quantstreetbets3
RIGOpened a position on Tuesday after that second bounce off the 200 period moving average. Price action has held above the 8 EMA after an anticipated pullback and bounce. Today we see 8 EMA and 20 MA x-over. If you're looking for an entry, consider the 8 EMA (pink line) or first pullback to the 20 MA. Cheers!Longby SLOPolarBear1
$RIG - delay in the golden crossThis completed the golden cross without the rally. Often the rally comes 1-10 days after the golden cross, or breaks down completely. Worth a watch. Reverse profiling shows potential of 23% gains. Do not get caught in an H&S. Be patient. Always set a stop loss. Longby katblat5