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Possible Bearish Inside Day Candle Pattern Detected for Transocean Ltd (NYSE:RIG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Transocean Ltd (NYSE:RIG) based on the price action in the company's shares. Today's price range of $4.44 and $4.62 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Transocean Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Transocean Ltd have traded between a low of $3.76 and a high of $14.47 and are now at $4.46, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 1.9%.

There is potential upside of 184.6% for shares of Transocean Ltd based on a current price of $4.46 and an average consensus analyst price target of $12.71. Transocean Ltd shares should first meet resistance at the 50-day moving average (MA) of $5.64 and find additional resistance at the 200-day MA of $7.77.

Transocean Ltd. is an offshore drilling contractor. The Company owns and operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.

SmarTrend recommended that its subscribers protect gains by selling shares of Transocean Ltd on May 1st, 2019 by issuing a Downtrend alert when the shares were trading at $7.87. Since that call, shares of Transocean Ltd have fallen 41.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle transocean ltd

Ticker(s): RIG