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No doubt the oil patch has been hit hard of late and Transocean (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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