After Yesterday's Rally of 6.25% Shares Could Potentially Pullback
Transocean (NYSE:RIG) traded in a range yesterday that spanned from a low of $10.02 to a high of $10.55. Yesterday, the shares gained 6.2%, which took the trading range above the 3-day high of $10.07 on volume of 13.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Transocean has traded in a range of $7.67 to $21.90 and is now at $10.51, 37% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has slid 0.5%.
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: rebounders Transocean