RIG (Transocean Ltd) was one of several bounce/potential longer-term trade candidates mentioned yesterday in the “Peak Oil vs. Oil Glut” post. The next objective entry will come on a break above the wedge AND the 16.10 level (horizontal resistance) with the first two resistance levels shown on the 60 minute chart below as the near-term bounce targets. Keep in mind those are the actual resistance levels unadjusted for optimal exits as most trade ideas posted here are. Best to set sell limit orders slightly below those actual resistance levels in order to minimize missing a fill, should RIG reverse just shy of resistance. The daily chart below list some potential longer-term swing targets which may become official targets, should crude prices begin to show signs of stabilization or a likely bottoming formation soon.