Technical Analysis of Financial Markets

Monday, July 17, 2006

Transocean, Inc. (RIG) – Bearish Head & Shoulders Top

On this weekly chart, RIG seems like it is currently forming the right-shoulder of a bearish Head & Shoulders top formation. A lower-risk entry for a short-sell position may present itself on break of the Head & Shoulders Neckline at $70. This break will also take-out an uptrend that has been intact for the past 24 months.

1 comment:

Anonymous said...

Hey steve, pretty good calls on this site:) I've enjoyed reading it.

Do you think Starbucks SBUX is bearish here? PE is high, insiders are selling, and there is a gap that @31. Any thoughts???? Looks like the move in the past 3 days has been artificial.....