Transocean (NYSE:RIG) shares have crossed bullishly above their 10-day moving average of $45.24 on a volume of 1.3 million shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.
Transocean share prices have moved between a 52-week high of $59.03 and a 52-week low of $38.80 and are now trading 17% above that low price at $45.52 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.3%.
There is potential upside of 30.7% for shares of Transocean based on a current price of $45.52 and an average consensus analyst price target of $59.50. Transocean shares should first meet resistance at the 50-day moving average (MA) of $46.11 and find additional resistance at the 200-day MA of $46.93.
Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.