Transocean (RIG) stock price technical analysis: the plot thickens

Transocean (NYSE: RIG) stock price has been in trouble as I predicted in October. It was trading at $5.70 on Thursday, down by over 35% from its highest point in 2023. This pullback has brought the company’s market cap to $4.6 billion while its short interest has remained steady at 18.6%. Transocean’s fundamentals are relatively strong. It ended last quarter with over $9.6 billion in order backlog, a record figure that is also 2x that of its nearest competitor. It has continued to add to this backlog after ...