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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Transocean (NYSE:RIG) based on the price action in the company's shares. Today's price range of $12.48 and $12.68 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. Traders and investors interested in shares of Transocean may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 64% above that low price at $12.56 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.6%.

Transocean (NYSE:RIG) defies analysts with a current price ($12.56) 5.6% above its average consensus price target of $11.86. The stock should discover initial support at its 200-day moving average (MA) of $12.30 and subsequent support at its 50-day MA of $10.08.

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 recommended that subscribers consider buying shares of Transocean on June 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.20. Since that recommendation, shares of Transocean have risen 10.9%. We continue to monitor RIG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Transocean

Ticker(s): RIG