Despite the big ramp from 39 to 46, RIG has now formed a giant bear flag..and is ready for a major move lower.
RIG, daily
Summary
First target is a break of the recent low of 39, and a move to 35. Secondary targets are 30 and 25 - which would of course be huge declines.
If the sp' can hit 1150/00 within the near term, then RIG should have a pretty good chance of moving down to $30.
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Transocean is a good company, but.if the main market gets whacked in the coming weeks - as some believe, then RIG is set to lose at least 30% of its market cap.
