Watch for Transocean to Potentially Pullback After Gaining 6.25% Yesterday
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.
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.
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. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.6%.
Keywords: rebounders Transocean