Transocean Ltd. (RIG) was raised to a fundamental "buy" recommendation by Clarksons Platou Securities Wednesday with a very modest price target of $7.50. However, the charts suggest a much bigger move could unfold.
Let's check out the charts.




Transocean Ltd. (RIG) was raised to a fundamental "buy" recommendation by Clarksons Platou Securities Wednesday with a very modest price target of $7.50. However, the charts suggest a much bigger move could unfold.
Let's check out the charts.
It involves people pocketing their savings from lower gasoline prices so that the economy cools and the Fed doesn't need to raise rates again.
The top global energy names are returning more cash to shareholders through dividends and share repurchases.
However, the preferreds are no longer 'money good.' So a completely new 'distressed company' calculus has taken over.
Oil market dynamics in 2023 are a far cry from what was seen in 2022.
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