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July 25, 2005
RIG Breakout
Here is a classic setup. Transocean (RIG) is clearly in an uptrend and consolidated over the last five weeks. The stock closed above its June high on big volume. The pattern looks like a flag and the breakout targets a move to 68-69. Flags are said to fly at half-mast and the flag represents the mid point of the move. Key support is set at 53 and a move below this level would be bearish.
Posted by Arthur B. Hill at July 25, 2005 09:26 AM