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- 1 Insider sells in RIG stock, 57,259 shares sold by RIG Vice President and Chief Accounting Officer.
- 2 Technical indicators highlight the consolidation phase of Transocean Ltd. stock.
- 3 Transocean Ltd. stock price faced bearish momentum in previous trading sessions.
On August 31, 2023, David A. Tonnel, who is the Senior Vice President and Chief Accounting Officer of Transocean RIG Stock, sold 57,259 of his shares in the company for a total of $470,669. According to the SEC Form 4 filing, Tonnel still owns 417,789 shares of Transocean RIG, which he holds directly.
The RIG stock price trend is unclear, as neither the bears nor the bulls have a strong hold on it. Investors may want to wait for more signs from different technical indicators to determine the direction of the trend. The volume candles show a slight rise in red, which means that the RIG price is drawing more sellers in the zone.
The mood of the investors about the Transocean Ltd. price is uncertain at the moment and may stay negative until the buyers show more force in the price action. However, based on the technical indicators and price action, the chances are in favor of the bears.
Transocean Ltd.’s stock price needs to attract buyers to surge towards the upper trendline of the consolidation phase over the daily time frame chart. Meanwhile, the share is trying to gather support and sustain above 50, 100, and 200-day daily moving averages. Transocean Ltd. shares have been consolidating inside the horizontal price range of $8.80 and $7.75.
Transocean Ltd Stock Price Has Been Consolidating Inside the Price Range, What Next?
Transocean Ltd stock price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, the Transocean Ltd shares need to accumulate buyers in order to surge towards its recovery phase. Meanwhile, the Transocean Ltd. share price slipped below the 20 EMA and took support above the 50, 100, and 200-day daily moving averages.
Technical indicators highlight the consolidation phase of the Transocean Ltd. stock price. Relative strength index (RSI) showcases the sideways momentum of Transocean Ltd. shares. RSI was at 50 and is heading for the oversold zone.
MACD exhibits the consolidation phase of the Transocean Ltd. share price. The MACD line is flat above the signal line waiting for any type of crossover. Investors in Transocean Ltd. stock need to wait for any directional change over the daily time frame chart.
Summary
Insider sales of shares in RIG stock are not good news for investors. The stock price is consolidating between a range of $8.80 and $7.75. The RSI, MACD, and EMA are giving unclear, uncertain, and bearish signs as of now. Investors should wait before taking any action.
Technical Levels
- Support Levels: $7.54 and $6.89.
- Resistance Levels: $8.84 and $9.50.
Disclaimer
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
