RIG - retracing, before the next jump higher

Whilst the main market battled hard to claw into the sp'1790s, Transocean (RIG) saw significant weakness across the day, settling -2.9% @ $52.38. Near term downside to a gap fill in the 50/49 zone, before resuming the breakout, into the 65/70s by late spring 2014.


RIG, daily

Summary

After a few weeks of very significant gains, RIG is probably just churning out another retracement.

The obvious downside gap zone of 50/49 looks likely to be hit in the near term, before sig' upside into end year...and across the spring.

Relative to the main market, RIG is highly under-valued.
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