Rally

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>RIG stock price persists in a long-term bullish trend.</a> </li> 
 <li> <span>2</span> <a>Transocean Ltd. (NYSE: RIG) bounced back from the key moving average of 50-day EMA indicating short-term bullishness.</a> </li> 
 <li> <span>3</span> <a>The daily chart shows a consolidation of almost 2 months near the all-time high.&nbsp;</a> </li> 
</ul> 
<p>Transocean Ltd. stock persists in a bullish trend and delivers a strong positive outlook. The stock over the daily chart illustrates a consolidation of over two months. The Analysts are bullish about the price trend and observe the consolidation as a base formation before a big rally.&nbsp;</p> 
<p>The price action analysis of RIG stock indicates that it has been maintaining an optimistic trend for the last two quarters. The stock shows a rally followed by a consolidation. The stock price has yielded an 89.4% year-to-date return to the investors.&nbsp; The daily chart shows the formation of an inverted head and shoulder pattern. Currently, the stock is near the neckline of the head and shoulders pattern and forms the right shoulder. The breakout of the neckline may trigger a short covering among the sellers and the price may experience a hike.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="470" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-942-1024x470.png" alt="Transocean Stock Analysis: RIG Stock Preparing For A Big Rally" class="wp-image-171893" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-942-1024x470.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-942-300x138.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-942-768x353.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-942-750x344.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-942-1140x523.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-942.png 1148w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: barchart.com 
  </figcaption> 
 </figure> 
</div> 
<p>RIG stock option-chain analysis states that the current implied volatility in the market is 53.45% with a decrement of 1.42% in the last trading session. The at-the-money strike price has 1,908 open contracts on the PUT side and 14,333 open contracts on the CALL side indicating the dominance of sellers at the CMP.</p> 
<h2 class="wp-block-heading" id="strong-rig-stock-price-forming-an-inverted-head-and-shoulders-pattern-strong"><strong>RIG Stock Price Forming An Inverted Head And Shoulders Pattern</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="464" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-941-1024x464.png" alt="Transocean Stock Analysis: RIG Stock Preparing For A Big Rally" class="wp-image-171892" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-941-1024x464.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-941-300x136.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-941-768x348.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-941-750x340.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-941-1140x517.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-941.png 1281w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: Transocean Inc. 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/09/12/rig-stock-price-prediction-can-rig-price-overcome-10-hurdle/" target="_blank" rel="noopener noreferrer nofollow">RIG stock price</a> currently trades at $8.56 and shows the formation of an inverted head and shoulders pattern near the all-time high. The breakout of the head and shoulder pattern may surge the price to over $10 level.&nbsp;<br><br>The Analysts offering 1-year price forecast for Transocean Ltd. have a wide range of outlook over the price trend. The bullish outlook of the analysts shows a potential of 40% to the upside that could take the price to a high of $12.&nbsp;</p> 
<p>On the other hand, the bearish outlook of the analysts shows a minimum potential of 29% on the downside which could drag the price to a low of $6 level.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-rig-stock-price-bounced-back-from-50-day-ema-strong"><strong>RIG Stock Price Bounced Back from 50-day EMA</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="464" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-940-1024x464.png" alt="Transocean Stock Analysis: RIG Stock Preparing For A Big Rally" class="wp-image-171891" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-940-1024x464.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-940-300x136.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-940-768x348.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-940-750x340.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-940-1140x517.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-940.png 1281w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: Transocean Ltd. 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The daily price chart shows that the RIG stock price trades above 50 and 200-day EMA indicating a strength in the price trend.</p> 
<p>The overall technical opinion rating including RSI and MACD signals a 90% “buy” rating with a strong short-term outlook on maintaining the current direction. The long-term indicators fully support the resuming of the current trend.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p><a href="https://www.thecoinrepublic.com/2023/09/12/rig-stock-price-prediction-can-rig-price-overcome-10-hurdle/" target="_blank" rel="noopener noreferrer nofollow">Transocean</a> Ltd. (RIG stock) has maintained an optimistic trend for the last two quarters, showing a rally followed by a consolidation and another rally. The stock price has yielded an 89.4% year-to-date return to investors. The daily chart shows the formation of an inverted head and shoulder pattern, with the stock currently nearing the neckline and forming the right shoulder. The breakout of the neckline may trigger a short covering among sellers, leading to a potential surge in price to over $10 level. Analysts offer a 1-year price forecast with a bullish outlook of 40% upside potential to a high of $12 and a bearish outlook of 29% downside potential to a low of $6.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> $7.96 and $7.59.</li> 
 <li><strong>Resistance levels:</strong> $8.57 and $9.48.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Transocean Stock Analysis: RIG Stock Preparing For A Big Rally

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 28, 2023

PRU Stock Price: Good Financials, Long Downtrend, & Puzzled Bulls

Judge Allows Evidence of Political Donations in Sam Bankman-Fried’s Fraud Trial

SEC insists on U.S. deposition for detained Terraform Labs co-founder Do Kwon

Marathon Digital’s Experiment Yields Invalid Bitcoin Block, Firm Addresses Issue Swiftly

Bitcoin Cash (BCH) Breaks $230 Barrier: Time to Long?

Crypto.com to become the preferred exchange of PayPal USD (PYUSD)

Join our free newsletter for daily crypto updates!