Rig Tenders Indonesia (RIGS)

RIGS is a service company which provide offshore support for various offshore exploration. Its main clients are in the energy industry, and of course coal and mining. Its income statements are not the best in its industry, but it looks like there have been some speculation on the market. The price drop by 25.7% in less than a month and on Thursday (11/06), there has been more bid than offer in the market. Even though the fundamental looks somewhat choppy, but the chart is showing that a bargain hunter will enter the market soon.

Table 1

Table 1 is showing the closing activity on the 11th of November, bargain hunter seems like already enter the market, but sellers are not willing to sell on the asking price. The market for RIGS have not reached to an equilibrium on Thursday. If this activity continues during first session on Friday, the price may eventually go up. Now let's take a look at the technical side.

Assuming bought on the closing price, IDR 275, if the price breaks through the support line, the next support will just be below it, sitting comfortably on 249 - cut loss here, RSI is showing weakness on the movement, MACD almost confirms it, but it's still showing as neutral. Again, to confirm the trend, we should anticipate the bargain hunter on Friday during the opening bell, and if bid volume is showing more than offer, there might be a short rally in the near future.

This trade is not suggested as a long term trade. The company's fundamental is not great, and it is not the place where you want to put your money in right now - rising oil price nationally and fluctuation on the coal price as well. Pick your target from the Fibonacci above, and get out, don't get greedy.

P.S.

Please trade responsibly.

Comments

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