RIG - behaving better!RIG looks like there is a change of character developing. After putting in a low of $1 it has started to slowly move up. It is slightly out of channel now but it has made a series of double bottoms and higher highs and higher lows. Has a lot of work to do but it looks to have filled a gap and created a third double bottom off the swing low and high just above the golden pocket. Not jumping up and down yet, but this could be a sleeper investment.
Trade ideas
RIG - making short work of correction?After trading to $7.28 two weeks ago RIG is managing to dispose of its overbought condition quickly and orderly. I like the FIB support here and imminent golden cross for its next move up. Immediate rally target around $8.69 based on outlined impulse rally. May still need a week or so of backing and filling but we're getting close. Added some today. Patience.
Transocean is above resistance; look for continuationOffshore oil driller Transocean has been marching upward on strong oil prices, cooling trade tensions, geopolitical conflict with Iran, and an improving earnings outlook. The company isn't yet profitable, but the 2020 and 2021 forecasts look much better than 2019, so it does appear to be making progress toward profitability. Like NIO, this is a momentum swing trade, not a buy-and-hold. RIG has broken through an important resistance level and looks likely to continue its march upward, especially if Iran tensions continue to heat up.
RIG - revisitedI posted her last week regarding RIG and each time I review the chart I like it more and more. Looking to take out the prior $6.66 peak and my immediate rally target is $7.18. Stock as I've said is one of my fave turnaround names for 2020. RSI and MACD on daily starting to get tired but weekly still has room to run.
RIG - revisited RIG is still chugging along. Looking to take out overhead resistance. Moving averages perking up favorable. May be a little bit overbought here but daily could still go higher and weekly indicators are still very favorable. In line with oil's rise this looks like it has room to run. Commodities should go up in 2020 as uncertainties continue to persist and Fed is on hold. Another 2020 fave.
RIG - revisitedThis has finally taken out the down trend convincingly. Would like higher volume but there is a change in character here that can not be ignored. Kept waiting to add in the $4.60 area but it wouldn't give it to me. Waiting for the golden cross which looks to be approaching shortly. Up up and away!
RIG - Revisited RIG is still chugging along making a series of higher lows with bigger up volume days outnumbering lower down volume days. Change of character since mid August. Upper channel resistance and big volume breakout is coming I can feel it in my bones. Another 2020 turnaround name for me. I like this for a buy and hold. Deep water drilling tough space but this is just way overdone on the downside.






















