Wednesday, 16 July 2014

RIG - makes a break to the upside

Whilst the main market saw moderate gains, there was notable strength in the Oil/Gas drillers. Transocean (RIG), settled higher by a rather significant 1.9% @ $44.45.  We have a clear break above a multi-week bull flag, next upside target zone is $48/50.

RIG, daily

RIG, weekly


RIG remains another of my favourite companies.

For the regular readers of my main page, I've been noting RIG again lately, after what was a pretty clear large bull flag.

Today's jump higher breaks.. and confirms the flag.. and we're now on the way to the upper 40s.

Superb company, and a few years out.. I'd expect RIG to be in the $125/150 zone.