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

By Shiri Gupta

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 $11.43 and $11.72 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.

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.

Transocean Ltd (NYSE:RIG) has potential upside of 7.2% based on a current price of $11.44 and analysts' consensus price target of $12.26. The stock should find resistance at its 200-day moving average (MA) of $12.30, as well as support at its 50-day MA of $10.08.

In the past 52 weeks, Transocean Ltd share prices have been bracketed by a low of $7.20 and a high of $16.66 and are now at $11.44, 59% above that low price. The 200-day and 50-day moving averages have moved 0.53% lower and 1.56% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Transocean Ltd. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Transocean Ltd in search of a potential trend change.

Keywords: bearish inside day candle transocean ltd

Ticker(s): RIG