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- 1 Transocean stock price slumped more than 9% last week.
- 2 Transocean share (NYSE: RIG) price fell below the key 50-day EMA.
- 3 The RIG stock’s daily chart illustrates a consolidation of over 90 days.
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.
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.
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.
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.
Moreover, the breakout above the 50-day EMA may again invite buyers to enter the market and the price may surge higher.
Transocean stock 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.
Transocean Stock Price Forecast For 2023
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.
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.
Technical Indicators Signal Volatility And Indecisive Trend
The overall technical indicators including RSI and MACD opinion rating for the RIG stock is a 40% “buy” with a weakest short-term outlook on maintaining the current trend.
Conclusion
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.
Technical Levels
- Support Levels: $7.33 and $6.65
- Resistance Levels: $7.83 and $8.74
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
