Transocean Stock Forecast
Weaker technical forecast for Transocean as stock downgraded to Strong Sell Candidate.
(Updated on Apr 18, 2024)
The Transocean stock price fell by -2.29% on the last day (Thursday, 18th Apr 2024) from $5.68 to $5.55. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 4.91% from a day low at $5.50 to a day high of $5.77. The price has fallen in 8 of the last 10 days and is down by -15.14% for this period. Volume has increased on the last day by 11 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 25 million shares were bought and sold for approximately $137.76 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $5.35 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 21.26% during the next 3 months and, with a 90% probability hold a price between $6.49 and $8.36 at the end of this 3-month period.
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RIG Signals & Forecast
There are few to no technical positive signals at the moment. The Transocean stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $6.00 and $5.88. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -16.92%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Transocean stock
On the downside, the stock finds support just below today's level from accumulated volume at $5.14 and $5.03. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Transocean finds support just below today's level at $5.14. If this is broken, then the next support from accumulated volume will be at $5.03 and $4.67.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.270 between high and low, or 4.91%. For the last week, the stock has had daily average volatility of 4.71%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RIG) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Transocean Ltd to open at $5.60, and during the day (based on 14 day Average True Range), to move between $5.28 and $5.82, which gives a possible trading interval of +/-$0.266 (+/-4.80%) up or down from last closing price. If Transocean Ltd takes out the full calculated possible swing range there will be an estimated 9.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.78 (4.14%) than the support at $5.14 (7.39%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Transocean Ltd stock A Buy?
The Transocean stock holds several negative signals and despite the positive trend, we believe Transocean will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.565 Strong Sell Candidate Downgraded
Predicted Opening Price for Transocean Ltd of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $5.60 ( 0.96%) | $5.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RIG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.87 | 5.83 % | |
| R2 | 5.77 | 3.97 % | ||
| R1 | 5.71 | 2.82 % | ||
| Current price: | 5.55 | |||
| Support | S1 | 5.50 | -0.90 % | |
| S2 | 5.44 | -2.05 % | ||
| S3 | 5.33 | -3.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.68 | 20.36 % | |
| R2 | 6.22 | 12.07 % | ||
| R1 | 5.78 | 4.14 % | ||
| Current price | 5.55 | |||
| Support | S1 | 5.14 | -7.39% | |
| S2 | 5.03 | -9.37% | ||
| S3 | 4.67 | -15.86% |
RIG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 14, 2015 | Aug 21, 2015 | Sep 23, 2015 | $0.150 | 1.10% |
| 2 | May 18, 2015 | May 27, 2015 | Jun 17, 2015 | $0.150 | 0.86% |
| 3 | Feb 06, 2015 | Feb 18, 2015 | Mar 18, 2015 | $0.750 | 4.92% |
| 4 | Nov 04, 2014 | Nov 12, 2014 | Dec 17, 2014 | $0.750 | 4.12% |
| 5 | Aug 12, 2014 | Aug 20, 2014 | Sep 17, 2014 | $0.750 | 2.16% |
FAQ
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