RIG (Transocean Ltd) has now hit both the final short-term swing target (60 minute chart) as well as T1 (19.40) on the daily time frame hit for a 25% gain. Although the intermediate & possibly longer-term outlook for RIG remains bullish, I have decided to book full profits and will consider RIG a Completed Trade here (removing it from the Active Trades category) as the odds of a decent pullback are elevated at this time. Consider booking full partial or full profits or at least raising stops, if holding out for additional gains. Updated 60 minute & daily charts shown below. [...]
The RIG (Transocean Ltd) active long trade gapped above the second short-term (60 minute chart) target today and is now approaching the final short-term target/first swing target (T1) of 19.40, trading as high as 18.97 so far today. With the trade up about 20% in less than 3 weeks, consider raising stops to protect profits. Updated 60 minute & daily charts below. click here to view the live, annotated daily chart of RIG
RIG 60 minute Jan 21st With the $USD trading down today & still expecting a nice bounce in oil, RIG (Transocean Ltd) looks poised to break out above the aforementioned 60-min bullish falling wedge pattern anytime now, providing the next objective entry or add-on to the existing long trade. RIG was one of several long trade ideas mentioned back on January 13th, all of which continued to look poised for at least a nice counter-trend bounce.
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 [...]
The longer that I trade & invest, the more it seems like I'm watching the same movie played over & over every few years. It's the never ending cycle of booms & busts and if I were to categorize the genre of movies that I'm watching, I'd have to lean more towards labeling them as comedies vs. dramas. The comedic part is the infallible repetitive nature of the general public, the mainstream media and, of course, the part played by the puppeteers pulling the strings. Funny to see how bearish the most recent headlines are AFTER crude has plunged nearly 60% [...]
RIG gapped above T2 last week. consider raising stops to just below T2.
top of 1st target zone on RIG hit. consider taking partial or full profits and/or raise stops to protect profits.