Transocean is above resistance; look for continuation

Dec 31, 2019

Offshore oil driller Transocean has been marching upward on strong oil prices, cooling trade tensions, geopolitical conflict with Iran, and an improving earnings outlook. The company isn't yet profitable, but the 2020 and 2021 forecasts look much better than 2019, so it does appear to be making progress toward profitability. Like NIO, this is a momentum swing trade, not a buy-and-hold. RIG has broken through an important resistance level and looks likely to continue its march upward, especially if Iran tensions continue to heat up.

Jan 2, 2020

Note

The technical analysis on this one remains solid, but I change my mind about playing it. I don't like owning a company that hasn't turned a profit, even for a swing trade.