Tech Tracker | RIG Expected to Continue Breakout and Rise 9.3% After Pullback; Shariah-Compliant Stock NOV Expected to Surge Up to 10.1%
Our in-house experts provide daily technical analysis to assist investors in making informed trading decisions and enhancing their trading strategy.
Here’s a summary of the technical analysis for September 13:
1. Stock Name: Transocean Ltd (RIG $Transocean Ltd. RIG$ )
Transocean Ltd. is an offshore drilling contractor. The Company owns and operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.
Entry: Buy above $8.60
Target: $9.00 (4.7%), $9.40 (9.3%)
Stop: $8.30 (-3.5%)
Shariah: No
Technical: Breakout-pullback-continuation
2. Stock Name: NOV Inc (NOV $National Oilwell Varco, Inc. NOV$ )
NOV Inc offers equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The Company serves customers worldwide.
Entry: Buy above $21.20
Target: $22.60 (6.6%), $23.35 (10.1%)
Stop: $20.85 (-1.7%)
Shariah: Yes
Technical: Impending flag-formation breakout
Source: Bloomberg, M+ Global (Malacca Securities)
More about Loui:
Loui Low leads a team of analysts to perform equity and economic research and to provide investment advisory services to the organization's sales team, fund manager and retail fraternity. He has more than 10 years of experience in the stockbroking industry.
He graduated with a Bachelor of Science in Statistics from University of Malaya. He also holds an STA Diploma and is a member of the Society of Technical Analysts (MSTA) United Kingdom.
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