Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>Transocean stock price slumped more than 9% last week.</a></li>
 <li><span>2</span> <a>Transocean share (NYSE: RIG) price fell below the key 50-day EMA.&nbsp;</a></li>
 <li><span>3</span> <a>The RIG stock’s daily chart illustrates a consolidation of over 90 days.&nbsp;</a></li>
</ul>
<p>Transocean Ltd. stock price slumped 9.80% in the last week showing signs of weakness over the daily chart. The RIG stock fell below the 50-day EMA indicating early signs of short-term bearishness.<br><br>The price trend analysis demonstrates that the Transocean stock price has been in a consolidation of over 80 days near the recent swing high. The stock price has been delivering a bullish outlook for the last three quarters and surged to gain over a 100% return into the RIG investors in the last three quarters.<br><br>However, the current quarter illustrates a consolidation near the swing high. Recently, the RIG stock price fell nearly 10% last week and made a breakdown below the 50-day EMA and the lower range of consolidation. However, the bulls showed participation in the last 2 sessions, and the price managed to re-enter the range.&nbsp;</p>
<p>The short-term trend is indecisive at the moment. The breakdown of the recent low may tilt the short-term trend on the bearish side and the stock price may decline to test the 200-day EMA.&nbsp;</p>
<p>Moreover, the breakout above the 50-day EMA may again invite buyers to enter the market and the price may surge higher.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="549" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-156-1024x549.png" alt="" class="wp-image-174047" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-156-1024x549.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-156-300x161.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-156-768x412.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-156-750x402.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-156-1140x611.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-156.png 1447w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: barchart.com
  </figcaption>
 </figure>
</div>
<p><a href="https://www.thecoinrepublic.com/2023/09/28/transocean-stock-analysis-rig-stock-preparing-for-a-big-rally/" target="_blank" rel="noopener noreferrer nofollow">Transocean stock</a> derivatives data analysis states that the current implied volatility in the market is 59.84% with a decrement of 1.43% in the last trading session. The at-the-money strike price has 1500 open contracts on the PUT side and 1126 open contracts on the CALL side indicating the dominance of buyers at the CMP.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="strong-transocean-stock-price-forecast-for-2023-strong"><strong>Transocean Stock Price Forecast For 2023</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155-1024x456.png" alt="" class="wp-image-174046" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-155.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: RIG 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The average analyst price target for Transocean stock in 2023 is $8.95, which represents a potential upside of 17.19% from the current price. However, there is a wide range of analyst price targets between $6.00 to $12.00.</p>
<p>The most optimistic analysts believe that Transocean stock could reach $12.0 in 2023 if the global oil and gas demand grows strongly and the company is able to successfully fulfill the global oil and gas demand.</p>
<h3 class="wp-block-heading" id="strong-technical-indicators-signal-volatility-and-indecisive-trend-strong"><strong>Technical Indicators Signal Volatility And Indecisive Trend</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154-1024x456.png" alt="" class="wp-image-174045" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-154.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: RIG 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The overall technical indicators including RSI and MACD opinion rating for the <a href="https://www.thecoinrepublic.com/2023/09/28/transocean-stock-analysis-rig-stock-preparing-for-a-big-rally/" rel="noopener noreferrer nofollow">RIG stock</a> is a 40% “buy” with a weakest short-term outlook on maintaining the current trend.&nbsp;&nbsp;</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Transocean Ltd. stock price has gained over 5% in the past three sessions after falling to a three-year low. The price trend is bearish in the short and long term but the recent strength may indicate a reversal. October could be a game-changer for the stock but investors must try to surpass the upper supply zone and accumulate more buying volume at the lower demand zone to turn the trend in their favor. The average analyst price target for Transocean stock in 2023 is $49.26, with a wide range of targets between $43.00 to $54.00.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $7.33 and $6.65</li>
 <li><strong>Resistance Levels:</strong> $7.83 and $8.74</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 Slumps 9% Last Week, Outlook For This Week?

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 7, 2023

VanEck, a $77 Billion Investment Behemoth, Shares Perspectives on Avalanche (AVAX)

Weekly Project Updates: StarkWare Delays Token Unlock Date, Jeffrey Huang Joins Friend Tech, Yuga...

7 Best Altcoins To Buy Right Now Before The Next Crypto Bull Run

CFTC Might Take Legal Action Against Ex-Voyager Boss

Stacks: STX Price is Trading Sideways Near Support, Will it Jump?

Terpopular Sepekan: BTC Berkorelasi Negatif dengan Shiba Inu hingga Bitcoin Raup Dana US$20 Juta

Join our free newsletter for daily crypto updates!