RIG - ending the month on a downer

With the main indexes on the slide, and with Crude Oil down almost 2%, Transocean (RIG) closed the month on a particularly sour note, -2.9% @ $50.23. However, the 200 day MA @ $49.95 will offer some support, and there is the mid April price cluster action in the $48s.


RIG, daily

Summary

Today was the tenth day of a down cycle, that has taken RIG from the mid $55s to the low $50s. Effectively..a drop of almost 10% in as many days.

Underlying MACD (blue bar histogram) cycle is very low, and again ticked lower today. There is no sign of a turn/levelling phase yet.

RIG needs to clear $52, which if achieved, will open up 55/56 within the following 2-3 weeks.
--

*I am long RIG (as of today), from the mid $50s. Seeking an initial exit in the 52/53 area, but I generally do see good upside to 55/56 by late June.