RIG - fifteen days up, and counting

Transocean (RIG) climbed for the fifteenth consecutive day, closing +0.9% @ $55.26. This is the fourth daily close above what appears to be a giant bull flag - that spans back to early February. Near term trend is certainly overbought, but there is no sign of a turn yet.


RIG, daily

Summary

RIG is one of the market leaders right now. The next key target is to break above the $59 high from mid February. That seems very viable by late May/June.

A weekly/monthly close >60, will open up the March 2011 high of $84

RIG is certainly one of the better companies in the Oil/Gas service sector, but it has a rather large amount of debt, and its not paying any dividend.

see key stats @ yahoo! finance

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Regardless of the balance sheet, as noted, any close in the $60s..opens up a further $25 of upside, which is a clear 40%.