Also see Daily chart to follow.
RIG is a offshore drilling company which as you see above has been in a long term downtrend esp with adequate oil supplies available already and oil prices down.
It has made a recent bounce right up to the center line of the down channel. I favor there is more up correction to come soon perhaps up to the top of the channel.
Some info on the fundamentals:
seekingalpha.com/article/4057919-transocean-battens-hatches
seekingalpha.com/article/4057553-transocean-value-bet-overvalued-market
RIG is a offshore drilling company which as you see above has been in a long term downtrend esp with adequate oil supplies available already and oil prices down.
It has made a recent bounce right up to the center line of the down channel. I favor there is more up correction to come soon perhaps up to the top of the channel.
Some info on the fundamentals:
seekingalpha.com/article/4057919-transocean-battens-hatches
seekingalpha.com/article/4057553-transocean-value-bet-overvalued-market
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.