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Breakout From Bullish Falling Wedge, Yielding Over 15%

ByChris Kimble
Published 02/10/2015, 12:15 AM
US500
-0.33%
RIG
-1.38%
CL
1.10%

RIG weekly Chart

No doubt the oil patch has been hit hard of late and Transocean (NYSE:RIG) hasn't escaped the downtrend. Conditions in RIG, 80%+ decline since 2008, at falling channel support, momentum very low and a bullish falling wedge had formed.

Members were shown this chart last week, prior to the breakout, with a plan to purchase with the stop just below dual support lines.I believe that RIG has the highest dividend yield of S&P 500 stocks, yielding in excess of 15% at this time.

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