Company Description: Transocean, Inc., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells. It offers deepwater and harsh environment drilling services; oil and gas drilling management services; and drilling engineering and project management services, as well as involves in oil and gas exploration and production activities in the United States offshore Louisiana and Texas, and in the U.K. sector of the North Sea. As of February 20, 2008, Transocean owned and operated 139 mobile offshore drilling units comprising 39 high-specification floaters, 29 midwater floaters, 10 high-specification jackups, 57 standard jackups, and 4 other rigs, as well as had 8 ultra-deepwater floaters contracted for or under construction. The company was founded in 1953 and is based in Houston, Texas.

Our Analysis: The shares of Transocean, Inc. 'RIG' set a new mult-year closing low yesterday on heavier than normal trading volume. In the process they closed below a key support level. This is a bearish trading signal. The shares of 'RIG' should continue to move lower and test $53.20/share, a point of downside support established in October of 2005. If the shares of 'RIG' close below that level, then they should continue to move lower and test $46.42/share, the point from which they gapped higher on the open of trading on May 24th, 2005. I see upside resistance on the shares of 'RIG' @ $55.40/share and have set my stops accordingly at $55.79/share.