Transocean Gets Up Off the Mat

Transocean (RIG) has developed into a very attractive long candidate. After an early November ramp that carried Transocean 15% higher over a four-day stretch, the stock took an ugly pounding. The earnings-inspired burst pushed the stock all the way up to its May spike high, where it hit a wall near $55.75.

Since then, it's been all downhill. Two weeks ago, Transocean filled the powerful Nov. 7 breakout gap but found zero support. By the end of last week, the stock had wiped out nearly all of the November rally and was beginning to slip into oversold territory. ...168 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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