Rick Johnson's Avatar
published in Blogs
Mar 13, 2023

Transocean Ltd. (RIG, $6.68) has been rising steadily, registering a 46% gain at the start of this year

Ransocean Ltd (RIG) is a global offshore drilling contractor that provides drilling services to oil and gas companies. The company has been in operation for over 50 years and has a presence in all major offshore drilling markets worldwide. The stock of RIG has been on a steady uptrend since the beginning of this year, posting a 46% gain so far. Last year, the stock also gained 65%, indicating a strong bullish trend.

However, the Momentum Indicator, a technical indicator used by traders to identify changes in the trend of a stock, has recently moved below the zero level for RIG on March 10, 2023. This suggests that the stock could be shifting into a new downward move, which may indicate a reversal in the bullish trend.

Moreover, the Chairman of Ransocean Ltd has just bought shares, which is generally considered a bullish signal. However, given the current market conditions and the recent momentum shift, it may be wise for traders to take a cautious approach.

According to Tickeron's A.I.dvisor, in 90 similar instances where the Momentum Indicator turned negative, 81 of the 90 cases saw the stock move further down in the following days. This indicates that the odds of a decline are at 90%.

While Ransocean Ltd has had a strong uptrend in the past year, the recent shift in momentum and the high probability of a decline should be considered by traders.

John Jacques's Avatar
published in Blogs
May 16, 2022
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published in Blogs
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How to Become the Millionaire Next Door

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published in Blogs
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Allana's Avatar
published in Blogs
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published in Blogs
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Sergey Savastiouk's Avatar
published in Blogs
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John Jacques's Avatar
published in Blogs
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If Hedge Funds are Using AI to Invest, Why Shouldn’t You?

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Sergey Savastiouk's Avatar
published in Blogs
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