Monday, 6 March 2017

RIG - battling to hold support

Whilst the main equity market saw only moderate weakness, there was more significant downside in some of the oil/gas drillers. Transocean (RIG) settled -3.5% at $13.05. The 12.70/13.00 zone is a clear boundary of support/resistance. The 200dma is lurking in the upper $11s from the gap zone of late Nov'2016.

RIG, daily

RIG, monthly


Suffice to add... it was the second consecutive day of sig' downside for RIG. Price action since last December has been very choppy, but consistently leaning on the weaker side.

Today's close was a marginal spike from support, the next few days will be interesting, especially with another set of oil inventory reports.