RIG - rolling over

Transocean (RIG) has had a very strong run since the mid April low of $46s. RIG closed -0.6% @ $54.76, and considering the recent surge, it'd be natural for a minor retracement down to the 53/52 level. Mid-term trend - along with the main market, appears very strong.


RIG, daily

Summary

Suffice to say, RIG looks pretty good in the mid-term, but like the main market, it can't go up forever in a straight line.

A very minor retracement of 5% or so seems very likely in the near term.

Mid-term upside could be very substantial. A few daily closes in the low $60s will open up $75, and then $85.