🔹 Trade Summary
Setup:
Price pulling back to ascending trendline support
Testing major support near $2.58
Analyst 1-year target: $3.76
Entry:
Above today's high of $2.64 (on confirmation of bounce from trendline)
Stop-loss:
Below $2.40 (clear break of trendline)
Targets:
$3.76 (analyst price target / major resistance)
Risk/Reward:
Approx. 1:4 (risking ~$0.25 for ~$1.10 gain)
🔹 Technical Rationale
🔹 Ascending trendline holding as key support since April
🔹 Oversold bounce potential at this zone
🔹 Daily timeframe shows structure for a trend reversal if support holds
🔹 Catalysts & Context
🏦 Strong analyst “Buy” rating; 1-year target at $3.76 (+45%)
🛢️ Oil sector volatility—any rally could boost offshore drillers
🌍 Macro: Global energy demand headlines could trigger momentum
🔹 Trade Management Plan
Entry: Wait for daily close above $2.65 to confirm support
Stop-loss: Move to breakeven if price closes above $3.00
Scaling: Trim partial at $3.20, rest at $3.76 (analyst target)
What’s your view? Are you watching
RIG? Comment below:
🔼 Bullish
🔽 Bearish
🔄 Waiting for confirmation
🔹 Disclaimer
Not financial advice. Trade at your own risk.
*** Don't forget to follow us for more trade setups ***
Setup:
Price pulling back to ascending trendline support
Testing major support near $2.58
Analyst 1-year target: $3.76
Entry:
Above today's high of $2.64 (on confirmation of bounce from trendline)
Stop-loss:
Below $2.40 (clear break of trendline)
Targets:
$3.76 (analyst price target / major resistance)
Risk/Reward:
Approx. 1:4 (risking ~$0.25 for ~$1.10 gain)
🔹 Technical Rationale
🔹 Ascending trendline holding as key support since April
🔹 Oversold bounce potential at this zone
🔹 Daily timeframe shows structure for a trend reversal if support holds
🔹 Catalysts & Context
🏦 Strong analyst “Buy” rating; 1-year target at $3.76 (+45%)
🛢️ Oil sector volatility—any rally could boost offshore drillers
🌍 Macro: Global energy demand headlines could trigger momentum
🔹 Trade Management Plan
Entry: Wait for daily close above $2.65 to confirm support
Stop-loss: Move to breakeven if price closes above $3.00
Scaling: Trim partial at $3.20, rest at $3.76 (analyst target)
What’s your view? Are you watching
RIG? Comment below:🔼 Bullish
🔽 Bearish
🔄 Waiting for confirmation
🔹 Disclaimer
Not financial advice. Trade at your own risk.
*** Don't forget to follow us for more trade setups ***
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.