Transocean Ltd. (RIG)

[eastunder]

Transocean Is Still A Pig (From A Technical Standpoint)



Benzinga
By Joel Elconin
3 hours ago

http://finance.yahoo.com/news/transocean-still-pig-technical-standpoint-173451480.html

Transocean LTD (NYSE: RIG) shares are trading lower by $0.14 at $18.90 in Tuesday's session.

The catalyst for the decline is comments made by Mike Urban of Deutsche Bank. He reiterated his Sell rating on the issue and lowered his price target from $16.00 to $6.00.


(Seems crazy to me - but whatever.)


Urban cites the 80 percent dividend reduction and the departure of the company's CEO as reasons for his drastic price target reduction.

At first, traders cheered the moves, as the issue reached $19.65 in premarket trading. That marked the highest level since it tested the $20.00 level, reaching $19.92 on February 10.




However, Urban's comments brought an abrupt end to the rally.

After failing to clear Friday's close off then open ($19.05) only reaching $19.00, it swooned to $18.21 before rebounding to near the highs for the day.

Since making a near 20-year low at $14.50 on January 14, support has been moving higher and is near the $18.00 level.

That's been the area of five lows in the last eight trading session.

See more from Benzinga