RIG - a new push higher, headed for $100

Transocean (RIG) closed strongly higher, +3.9% @ $59.27. After the significant breakout that began the year, RIG looks set for much higher levels.


RIG, daily

Summary

There is very little to note, other than the break we saw at the start of the year, is absolutely seeing the follow through necessary for confirmation that a major new upward phase is underway.

If the main market cruises higher into the spring..and summer...then RIG is probably going to have a shot at hitting the big $100 threshold.

RIG is unquestionably a good company, arguably one of the best in the Oil/Gas service sector.

With the underlying MACD (blue bar histogram) cycle due to go positive cycle within the next few trading days, looks to be further significant upside yet to come in the immediate term.