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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Transocean Ltd (NYSE:RIG) based on the price action in the company's shares. Today's price range of $1.20 and $1.27 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. Owners of Transocean Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, Transocean Ltd share prices have been bracketed by a low of $0.76 and a high of $8.84 and are now at $1.24, 63% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2.3% while the 50-day MA has declined 13.6%.

Transocean Ltd has overhead space with shares priced $1.24, or 90.3% below the average consensus analyst price target of $12.71. Transocean Ltd shares should first meet resistance at the 50-day moving average (MA) of $1.75 and find additional resistance at the 200-day MA of $4.36.

SmarTrend is tracking the current trend status for Transocean Ltd and will alert subscribers who have RIG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle transocean ltd

Ticker(s): RIG