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RIG (Transocean) – Potential Reversal? Technical Overview • Current Trend: RIG has been in a clear downtrend since September 2023, as confirmed by Dr. Elder’s Triple Screen framework. However, recent technical signals suggest the trend is losing steam. • Weekly Timeframe: The MACD histogram is showing a bullish divergence, indicating that the momentum behind the price decline is weakening. Additionally, a falling wedge pattern has emerged on both the weekly and monthly charts—typically a reversal signal with strong bullish implications. Entry Strategy and Price Action Expectations • Daily Timeframe: We are closely monitoring the $3.90 level. If the price holds above this level, it is likely to form a double bottom on the daily chart. A breakout above the wedge could trigger significant upside momentum. Historically, similar corrections after bullish divergences on the weekly chart have produced gains of up to 90%. Market Context and Macro Factors Oil Market Influence: The price action in RIG correlates heavily with the broader oil market. With oil supply tightening due to OPEC+ cuts and geopolitical tensions (e.g., the Middle East conflict), the oil market could experience an upward cycle. These macro tailwinds may accelerate RIG’s recovery if confirmed by technical breakouts. Conclusi on If the $3.90 support level holds, and the double bottom forms as expected, RIG has the potential to align with the broader bullish trend on the weekly chart. With a falling wedge pattern and bullish divergence supporting the reversal narrative, this could mark the beginning of a new uptrend. Potential Trade Setup: Entry: Above $4.00 for confirmation of the breakout. Target: 90%+ upside potential based on historical patterns. Stop Loss: Below $3.80 to minimize risk. This setup offers a high-probability trade, provided the technical signals align with favorable market conditions. Monitor daily for confirmation and adjust your risk accordingly. NYSE:RIG Disclaimer: This analysis reflects my personal opinion and is provided for informational purposes only. It is not intended as financial advice or an investment recommendation.
NYSE:RIGLong
by NORD25
3
$RIG * TRANSOCEAN LTD. * FIB TC EWP WEEKLY TF ANALYSISProvided is a detailed Elliott Wave analysis for Transocean Ltd. ( NYSE:RIG ) stock, showing a long-term projection from the 2020 low to 2027. Price Targets and Fibonacci Retracements: Key levels suggest the price could potentially keep dropping to the HWB (50% FIB / 2.40) based on the current trend. Fibonacci extension levels suggest further price appreciation towards the golden pocket (19.76 to 23.58) if the bullish cycle continues strongly thereafter. Long-Term Outlook: The upward-sloping green trend channel suggests that the stock may continue to rise, with projections for 2025 indicating potential gains up to $20 and beyond. The overall trend appears bullish, with a potential breakout beyond current price levels over the next few years.
NYSE:RIGLong
by Anakyn
Trade Setup for Transocean Ltd (RIG) on the Daily Chart:I have just about 2 key things to say here on this analysis. 1. Key Levels to Watch: We can see that there is some resistance at $5.32: This is a strong ceiling where the price has struggled to break through. If the price moves above this level with strong momentum, it could signal a potential breakout to the upside. On the other hand, there is a support at $5.02: This is a strong floor where the price has found support multiple times. If the price falls below this level, it could indicate a significant move downwards. 2. Trend Confirmation: If you are a fun of Linear Regression Line: Check if the line is sloping upwards or downwards. An upward slope suggests the market is in an uptrend, while a downward slope suggests a downtrend. Utilize the Moving Averages: Above MAs: If the price is above the moving averages (e.g., 21-period MA), the trend is likely bullish. Below MAs: If the price is below the moving averages, the trend is likely bearish. Happy Trading.
NYSE:RIG
by Deno_Trading
1
RIG - Good opportunity post-earnings drop with very tight stop We are seeing clear sell-side tapering with the orange algo and purple showing it's control. We are now retesting the breakout of strong selling magenta and coinciding with green buying continuation. This could be a very good opportunity knowing that if we don't hold green, we're out. However with a retest of magenta and a proven buying continuation lining up, I will definitely enter a position if the opportunity presents itself. Hope to be back more consistently in a week or two when I'm back in the states. Happy Trading :) - TraderDaddyOG
NYSE:RIGLong
by ReigningTrades
Technical Analysis Report on Transocean Ltd Market Overview: As of the last trading session, Transocean Ltd's stock (NYSE: RIG) experienced a significant decline, closing at $5.22, which marked a 10.31% drop. This analysis aims to provide an in-depth examination of RIG's current technical posture, utilizing a variety of technical indicators and chart patterns observed over recent trading periods. Technical Indicators and Patterns: Ichimoku Cloud: Analysis of the Ichimoku Cloud shows the price breaking below the cloud, signaling a bearish trend. This breakdown suggests potential continuation to the downside unless there is a significant reversal back above the cloud. Moving Averages: Across multiple time frames, the stock has broken below key simple and exponential moving averages, including the 10, 20, 30, and 50-day MAs, all of which are trending downwards and signaling sell. The 200-day MA is positioned at 6.67, serving as a critical resistance point. RSI and Stochastic Oscillators: The Relative Strength Index (RSI) is currently at 33.19, indicating that the stock is approaching oversold conditions but not yet at an extreme level that typically suggests a reversal. The Stochastic RSI also underscores a bearish momentum with no immediate signs of recovery. Volume and Volatility: The recent trading session showed a spike in volume, coinciding with the price drop, which could indicate strong selling pressure. Volatility as depicted by Bollinger Bands shows the price breaching the lower band, further validating the bearish momentum. Fibonacci Retracements and Pivots: Utilizing the Fibonacci retracement tool from the recent high of $6.88 to the low of $5.22, significant resistance can be expected around the 0.618 retracement level at $6.16. Current pivot point analysis suggests a resistance near $5.85 and support around $5.25. Price Prediction and Trading Strategy: Short-Term Targets: Considering the bearish indicators, the immediate downside target is around the next support level at $5.00. If the selling pressure persists, further decline towards $4.81 (S3 pivot point) is plausible. Resistance Levels to Watch: Any short-term recovery should face resistance near $5.60, with more significant barriers at $5.85 (pivot point) and $6.16 (Fibonacci 0.618 level). Entry and Exit Points: For bearish trades, consider shorting near resistance levels of $5.60 or $5.85, with stop-loss orders slightly above $6.00. If aiming for long positions, wait for bullish reversal signals, possibly around the $5.00 mark or below, with a tight stop-loss to manage risks. Conclusion: Transocean Ltd currently exhibits several bearish signals across its technical framework, making it a potential candidate for short positions or a watch for buy opportunities at lower support levels. Traders should closely monitor volume and any potential news that could impact market sentiment and price action. The technical analysis indicates a cautious approach, with key attention to resistance and support dynamics that dictate the next movements for RIG shares.
NYSE:RIGShort
by AxiomEx
Trading Game. How they manipulate with priceImagine You buy a stock or business, that You think was undervalued based on the "circumstances" and that you think has great value. You bought this at 1$, during 2020 November alongside with the oil rally. Nobody knows the price. Everyone has a price target... Imagine my price target was 7$ - based on the previous highs. Chances are everyone will look at it the same way and adjust the price based on some context. Under price momentum, there was buyers and sellers and stock rise to 3$..4$..5$ etc... If everyone use 7$ for guidance - most likely everyone be selling their shares at 5$. If I wanted you to sell higher I would shout 10$. If I wanted you to sell lower I would shout 0.50$. People would adjust their targets and nobody knows exactly how much something is worth. That's what the institutions do with their public price targets. It works like a poker game. The closer price got to 5$ -> more risk you took by buying or holding it. If I had a ton of bitcoins, I would shout $200k price. and sell it when it's strong. etc. Then cause panic - to get cheaper prices. #101
NYSE:RIGLong
by citsvar
13
Rig consolidates on Fib as Oil correctsOil is likely to be a huge player this year, the year after a tech run, value and certain commodities are likely to run. Rig has been on a major upswing since 2021. The stock meanders between two fib levels and has heavily consolidated here (.382). A colleague of mine pointed out Jan 2025 7$ calls and the open interest is huge. This more volatile play than XOM CVX OXY could provide massive leverage for a bet on oil prices increasing. Another run to the more important golden fib would make the calls very lucrative.
NYSE:RIGLong
by Apollo_21mil
3
The Rig "blue horseshoe loves the next 100 baggers to the moon"it's ike buying a pair of jeans .. and not using it probably the next big thing when oil hits $100 or ARAMCO debuts soon it's all a cycle for the benefit of the few greedy players -- notice the VOLUME underneath relative to previous years.. those whales splashing discretely while price at sub $2 is at rest -- thieves like to accumulate when no one is minding "we follow the money that follows the money folks...." -- all the best and best of years ahead...
NYSE:RIG
by senyor
17
RIG (weekly)Rig weekly chart is at your disposal. You can see that this index has risen sharply from the bottom of the daily channel and the bullish candles are still strong, and this indicates the interest of buyers. And also it has broken its very important resistance level and also made a pullback and is ready to continue the upward movement. We will see a good growth in this index. We expect the next resistance level to be the minimum growth , which we have drawn in white.
NYSE:RIGShort
by currenceland
2