Chart Analysis » RIG http://chart-analysis.com/stocks-etfs Trend Analysis for Stocks and ETFs Thu, 18 Aug 2011 20:36:10 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Transocean Ltd (RIG) Chart – Found Support http://chart-analysis.com/stocks-etfs/2009/10/29/transocean-ltd-rig-chart-found-support/ http://chart-analysis.com/stocks-etfs/2009/10/29/transocean-ltd-rig-chart-found-support/#comments Thu, 29 Oct 2009 20:27:32 +0000 Alex F http://chart-analysis.com/stocks-etfs/?p=507 I charted RIG after the markets closed on Thursday, October 29, 2009, when RIG closed at $86.84.  I only went back a couple of months on this chart to just before RIG gapped up on September 8, 2009.  Just as I pointed out in my SPY chart yesterday, RIG finished the day after touching the relatively short trend line of higher lows.  SPY had the additional foreshadowing of actually closing dead on its 50 day moving average (dma).  Starting today off RIG opened on the other side of the past week’s downward sloping trend line of lower highs.  The next big test for RIG will be its 10 dma and 20 dma just a few dollars above the current trading price. 

If RIG can get above that hurdle, and I expect it will, it could head back up to the upper side of its trading channel closer to $95.  I don’t have a position on RIG right now, but if we see a small dip on Friday above today’s lows I’ll probably open up a small position.  Tomorrow will also show if Williams %R is going to move higher again.  If it does that’s another strong buy signal.  I’d have been even more bullish if volume would have been higher on this bounce today.  I’m waiting, if for nothing else, just to make sure this isn’t a dead cat bounce.

RIG-Chart_2009-10-29

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