RIG closes within prior day's range after lackluster session
Transocean Ltd (RIG) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
RIG ended the week 2.14% higher at 1.43 after losing $0.04 (-2.72%) today on low volume, notably underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (RIG as at May 22, 2020):
Friday's trading range has been $0.09 (6.21%), that's below the last trading month's daily average range of $0.16. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RIG.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 1.52 where further buy stops might get activated. As prices are trading close to May's high at 1.70, upside momentum could speed up should the share mark new highs for the month.