Doesn’t seem like short- to medium-term trajectory of the stock price is only to the upside. Brent oil is currently trying to stabilize in the $60-65 range, which is favorable for deepwater drillers.
However, a correction should be expected if oil dips to the $55-60 range. In this case, I expect that Transocean shares will see significant support around $9.
On the other hand, the upside from current levels depends on oil's ability to test recent highs.
Transocean (RIG +5.7%) jumps more than 5% after winning a 22-well contract from Statoil for its harsh environment Transocean Spitsbergen semisubmersible rig in the Norwegian North Sea.
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