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- 1 RIG stock price is down by 0.73% in the last trading session and is currently trading at $8.12.
- 2 Transocean Inc. stock price (NYSE: RIG) indicates bullishness and delivers a positive outlook.
- 3 RIG stock price took support from the key moving average showing the participation of buying volume at the lower levels.
Transocean Inc. stock persists in an uptrend beyond the significant moving averages and is indicating bullish momentum. Moreover, the stock showed a breakout of a bullish flag pattern near the recent support zone. The price action shows that bulls continue accumulating in the stock and are willing to retest the mark of $10.
The chart structure of RIG stock showed that the stock has decisively defended its support zone and bounced from there. Additionally, the bulls have firmly established their position near the $7.50 demand zone which has been successfully retested during the flag pattern. The price is trading in the bullish territory and might gain more to surge above $10.
The daily chart shows that the price trend favors the buyers. The bulls have controlled and continuously managed to keep the price above the key moving averages. The recent days witnessed some drawdown after the quarterly earnings. However, the decline was soaked up by the bulls near the 50 EMA, and the price resumed its long-term trend momentum after the breakout of the bullish flag.
The analysts are offering a 1-year price forecast for RIG stock which has a maximum estimate of $12 with a potential of 48% to the upside. It also has a maximum drawdown of 26% which could drag the price to the $6 level.
RIG stock option-chain analysis states that the current implied volatility in the market is 45.47% with a decrement of 0.64% in the last trading session. The at-the-money strike price has 11,345 open contracts on the PUT side and 4500 open contracts on the CALL side indicating the dominance of buyers at the current level.
RIG Stock Price Consolidating Near the Top
The RIG stock price currently trades at $8.12 and it is consolidating to gain more buying volume.
Based on the price action, it appears that the RIG stock is poised for a significant upward movement with potential retests of 50-EMA in the upcoming sessions. Buyers are actively working to sustain the current levels, indicating their commitment to the stock’s upward trajectory.
The breakout of the consolidation may lead the price to surge above the previous swing high and test the $10 round level.
EMAs Show Strength Over the Daily Chart
The daily RIG stock price chart shows that the price is trading above 50 and 200-day EMA indicating a strong uptrend prevailing in the stock.
The overall technical opinion rating including RSI and MACD is signaling an 80% “buy” rating with a weakening short-term outlook on maintaining the current direction. The long-term indicators fully support the continuation of the current trend.
Conclusion
Transocean Inc. (RIG) stock is in a bullish trend and has broken out of a flag pattern near the $7.50 support zone. The price is above the key moving averages and may rise to $10 or higher. The analysts have a positive outlook for the stock, with a maximum estimate of $12 and a maximum drawdown of $6. The price is currently at $8.12 and consolidating for more volume. The buyers are strong and may push the price above the previous swing high.
Technical Levels
- Support levels: $7.55 and $6.74
- Resistance levels: $8.82 and $9.77
Disclaimer
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
