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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Transocean Ltd (NYSE:RIG) based on the price action in the company's shares. Yesterday's price range of $0.85 and $0.92 is within the prior day'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. Traders and investors interested in shares of Transocean Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Transocean Ltd (NYSE:RIG) has potential upside of 1,258.2% based on a current price of $0.94 and analysts' consensus price target of $12.71. Transocean Ltd shares should first meet resistance at the 50-day moving average (MA) of $1.88 and find additional resistance at the 200-day MA of $4.41.

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 share prices have moved between a 52-week high of $8.84 and a 52-week low of $0.77 and closed yesterday at 22% above that low price at $0.94 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.8% while the 50-day MA has declined 10.6%.

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: bullish am inside day candle transocean ltd

Ticker(s): RIG