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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Transocean (NYSE:RIG) based on the price action in the company's shares. Today's price range of $10.27 and $10.44 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Transocean (NYSE:RIG) has potential upside of 14.2% based on a current price of $10.39 and analysts' consensus price target of $11.86. Transocean shares should encounter resistance at the 200-day moving average (MA) of $12.30 and support at the 50-day MA of $10.08.

Transocean share prices have moved between a 52-week high of $21.90 and a 52-week low of $7.67 and are now trading 35% above that low price at $10.39 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.6%.

Transocean Ltd. is an offshore drilling contractor. The Company owns or 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 is tracking the current trend status for Transocean and will alert subscribers who have RIG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Transocean

Ticker(s): RIG