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Transocean's Gap Covering Is a Bullish Signal

Transocean (RIG) spiked 5% at the news of its potential merger with GlobalSantaFe (GSF) last week, but 4 days after the news, the stock is now back at pre-news levels. This is surprising considering that all the big oil companies shared one consistent theme wen they reported earnings last week - that production was lower. Conoco Phillips (COP), Chevron (CVX) and Exxon Mobil (EXM) echoed the same sentiment made apparent by their lower than expected production levels.
 
While RIG went up last week on huge volume, the pull back has been on significantly lower volume, and any technician will tell you that the gap covering between $110 and $116 is a bullish sign.
 
Drillers are definitely the only kind of oil plays that are still in favor and RIG, with its looming merger with GSF, is a buy at current levels.
 
-- Faisal Laljee
Full Disclosure: I do not currently own any RIG or GSF, but my position can change anytime without notice.

Published Monday, July 30, 2007 9:02 AM by Faisal Laljee
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The above content is provided for educational and informational purposes only, does not constitute a recommendation to enter in any securities transactions or to engage in any of the investment strategies presented in such content, and does not represent the opinions of Zecco or its employees.


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StocksandBlogs.com
StocksandBlogs.com provides stock tips, equity research and markets commentary. This site will give you investment ideas that you can apply to your financial portfolio. By sharing my money making stock tips and research, I hope I can help you manage your wealth better - whether you are a long-term investor or looking for a quick trade, a bull or a bear. From Wall Street to Walmart, Commodities to Foreign Exchange, you will find it all here. My name is Faisal Laljee and you can email me anytime at flaljee@mail.stocksandblogs.com

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