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Transocean Ltd Looks to Continue to Trade Below its Annual-Low Share Price Today

By James Quinn

Transocean Ltd (NYSE:RIG) traded today at a new 52-week low of $3.89. This new low was reached on below average trading volume as 5.6 million shares traded hands, while the average 30-day volume is approximately 18.8 million shares.

In the past 52 weeks, Transocean Ltd share prices have been bracketed by a current low of $3.89 and a high of $14.47 and are now at $3.92. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 1.5%.

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 has overhead space with shares priced $3.92, or 69.2% below the average consensus analyst price target of $12.71. The stock should run into initial resistance at its 50-day moving average (MA) of $5.80 and subsequent resistance at its 200-day MA of $7.91.

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 45.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows transocean ltd

Ticker(s): RIG