TRANSOCEAN (RIG) Reversal In The Cards?

5-2-12rig

 

RIG is finishing up formation of its shoulder on an inverse head and shoulders formation. Should the chart play out the stock could make a move back to the $58 area by next week.  I am playing the move right now with the $50 calls.  Currently I own 10 of them, last price $.90, with a bid of $.89 and an ask of $.91.

RIG reports earnings tonight after the close.

 

 

 

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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