Transocean Finding a bottom of the RIG?
(Bloomberg)Transocean Ltd. (RIG) rose 3.6 percent to 46.68 francs. The Switzerland-based owner and operator of the Deepwater Horizon drilling rig that exploded in the Gulf of Mexico is not liable for violating regulations. U.S. District Judge Carl Barbier ruled yesterday that the government would have to prove Transocean’s liability in a trial before it seeks fines from the company.
|chart updated – 1/26/12 Daily RIG 1/26|
|Original Chart showing 13hrs move over 40- 1 min RIG 1/11/2012|
I would like to see RIG hold 50 tomorrow and run higher. If not this is a great spot to think about taking profits if you entered 10 points lower.
Tuesday’s price action on the right. clear bull run up through 40 and has held so far today over. The stock upgraded today by Tudor Pickering to accumulate from hold.
Makes sense down here considering the stock has been on a precipitous downtrend the past year with 38 finding some buyers. Over the 40 level the stock stands a chance or trading back up into the 50 level.
RIG has been known to have large swings, especially post BP gulf oil spill.
Also take a look at the OIH, similar chart pattern and potential of trend reversal.
|Daily RIG 1/11/2012|