Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Transocean Ltd RIG shares were trading higher by $0.70 (6 percent) at $14.27 in Monday's session. The issue is rallying off an upgrade from Jeffries from Underperform to Hold.
The issue, a large holding of Carl Icahn, is having a rough year along with other issues in the oil patch. After ending 2014 at $18.33, it rallied to $21.90 before resuming its downtrend that has been in place since May 2008.
In fact, just last week it reached its lowest level since the Financial Crisis when it traded down to $12.08 before rallying to end the week at $13.57.
After a slightly higher open, it has rallied and is now at Friday's high ($14.22). If the rally continues, there may not be any support until the pair of the highs from July 28 ($14.71) and July 30 ($14.59).
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