With that in mind, I have isolated a potential bounce level to trade the stock. As you can see by the monthly Transocean LTD (NYSE:RIG) chart below, there is a descending trend line just above the $30.00 level. What I will be looking for to enter this trade is a pierce of this line, which will signal me that probability is on my side and it's the right time to enter the trade. I will also be looking to see if volume increases as it comes into this level, as volume spikes often signal capitulation by the amateurs selling at the lows. When and if this occurs, I will send out the trade details to my members of the Elite Round Table. This is a great time to be an active investor in the markets, join us as we position our trades on the right side of the moves.
Evan Poechman
Elite Round Table
