Resistance

Daily

<ul class="list-ic vertical">
 <li><span>1</span> <a>RIG stock price breaks below the 20 and 50-day exponential moving averages.</a></li>
 <li><span>2</span> <a>Transocean stock price showing corrective moves on the daily time frame.</a></li>
</ul>
<p>RIG stock price is showing correct moves on the daily timeframe breaking the key moving averages of 20 and 50-day. Bears overpowered the Bulls in the last trading sessions. The stock price halted near the value of $8.84 and took multiple rejections from there, showcasing bearishness.</p>
<p>Moreover, the stock price took a reversal from the level of the 100-day EMA and back towards the 50-day EMA showing a fight between the bulls and the bears in the daily time frame. The bulls don’t want to give the power to bears and slip the momentum from their hands.</p>
<p>The RIG stock price is currently trading at the level of $7.71 with an intraday gain of 1.85% and a trading volume of 11.535 Million. The average trading volume of the last 10 days is 15.34 Million. The market cap of the company is 6.003 Billion.</p>
<p>The company gave a fabulous return throughout the year as it gave a return of 71.33% year-to-date, 18.43% return in the span of 6 months, and 164.04% last year. However, the momentum in the stock slowed down in recent times as it gave a negative return of -3.63% in the span of 3 months and a -9.40% in the last month.&nbsp;</p>
<p>Investor sentiments regarding the RIG rice are indecisive at present and may remain negative unless the buyers start stepping into the price action with substantial momentum. However, according to the technical indicators and price action, the odds are lining in the bears’ favor.</p>
<p>RIG stock price needs to attract buyers to surge towards the upper trendline of the consolidation phase over the daily time frame chart. Meanwhile, the RIG share price is trying to gather support and surge towards 20 and 50-day daily moving averages.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-will-rig-stock-price-break-below-or-break-above-strong"><strong>Will RIG Stock Price Break Below or Break Above?</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh3.googleusercontent.com/eUvtf4QDueJ2uAiWVIBybpXlJNrLp21AewEYrJDftT2Zdx3nls0xMsUJJ0iefPq654lJhP_6wbpxO8lh9e-tfGBzpC2LrBgkBajWO8nvjOxma7nDM2mWWHYJ7pc1QHA2L1oqLXWLvSXMaA1ItoZXgeA" alt="RIG Stock: Transocean Ltd. Price Fell Below 50 EMA; What Next?&nbsp;">
  <figcaption class="wp-element-caption">
   Source: TradingView
  </figcaption>
 </figure>
</div>
<p>RIG stock price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, the RIG shares need to accumulate buyers in order to surge towards its upper hile, the RIG share price has slipped below the 20 and 50-day Daily Moving Average.</p>
<p>Moreover, RIG shares must register its breakout from the consolidation phase over the daily time frame chart.</p>
<p>Technical indicators suggest the consolidation phase of the RIG stock price. Relative strength index (RSI) showcases the sideways momentum of RIG <a href="https://www.thecoinrepublic.com/2023/09/28/transocean-stock-analysis-rig-stock-preparing-for-a-big-rally/" rel="noopener noreferrer nofollow">shares</a>. RSI was at 44.27 and is heading towards the oversold territory.&nbsp;</p>
<p>MACD exhibits the consolidation phase of the RIG share price. The MACD line is flat below the signal line waiting for any type of crossover. Investors in RIG stock need to wait for any directional change over the daily time frame chart.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>On the daily time frame chart, the RIG stock price has been trading in a tight range between the 50 and 100-day EMA levels showing a stock is on the consolidation or indecisive stage.</p>
<h3 class="wp-block-heading" id="strong-technical-levels-strong"><strong>Technical Levels</strong></h3>
<p><strong>Support Levels:</strong> $7.61 and $7.27.</p>
<p><strong>Resistance levels:</strong> $7.94 and $8.94.</p>
<h3 class="wp-block-heading" id="strong-disclaimer-strong"><strong>Disclaimer</strong></h3>
<p>The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.</p>

RIG Stock: Transocean Ltd. Price Fell Below 50 EMA; What Next?

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Thecoinrepublic.com

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