Whilst the main market saw moderate gains, there was significant strength within some of the energy stocks. Transocean (RIG) settled +1.7% at $10.80, although was well below the intra high of $11.14. There are multiple aspects of resistance in the $11s,and things only turn bullish with some closes >$12.00.
Broadly, Transocean is still very weak. Since WTIC oil saw a major turn lower in summer 2014, the stock has struggled, imploding from the $41s to the $7s.
The recent low of $10.03 was the lowest level since Nov'11th 2016. Indeed, all of the 'Trump/election' gains have been fully negated.
Any daily closes >$12, will offer a challenge of the Dec'2016 high of $16.66. If you believe WTIC oil will eventually hit the $60 threshold within 7-12mths, then an upside target for RIG of $20.00 would be valid.
*unquestionably speculative in nature, and without question, the cautious 'bull chasers' will wait for some daily closes >$12.00.