RIG, daily
Summary
RIG is seeing a very clear breakout from a trading range that spans five months. With two daily closes >49, this is pretty good.
The company has been having serious issues, not least related to the Deep Water Horizon disaster, but it seems that issue is now closed, with an agreed payment, and the company can finally move forwards.
see key stats @ yahoo! finance
Upside targets?
First upside target is the March 2012 high in the 57s. If RIG can break back into the 60s, - and if the main indexes broadly hold together into the summer, then a full retrace to the March 2011 high of $85 seems reasonable.
After all, almost anything related to the Oil sector is going to do well in the longer term.
It is certainly one to watch in the coming weeks.
