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After Yesterday's Rally of 4.27% Shares Could Potentially Pullback

By Shiri Gupta

Transocean (NYSE:RIG) traded in a range yesterday that spanned from a low of $9.29 to a high of $9.60. Yesterday, the shares gained 4.3%, which took the trading range above the 3-day high of $9.36 on volume of 8.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Transocean have traded between a low of $7.67 and a high of $21.90 and are now at $9.52, which is 24% 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 recommended that its subscribers protect gains by selling shares of Transocean on July 28th, 2016 by issuing a Downtrend alert when the shares were trading at $10.83. Since that call, shares of Transocean have fallen 15.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Transocean

Ticker(s): RIG