Transocean LTD $RIG has been falling since the financial crisis of 2008 when it was at a high around $163. In the last couple of years, since 2016, price has stabilized around $10 but price action still looks bearish. RIG Daily Chart(click to enlarge)Bearish Price Action:- First of all, we can see that the high in 2016 was not sustained, and price action came down to a lower low in 2017 compared to the 2016-low.- Furthermore, price action in 2018 appears to have peaked around $14.25 before topping.- In the past couple of weeks, we saw price bounce off a rising trendline only to be rejected by the price top. - This years price action combined with price action since 2016 suggests that bears are still in charge.- Therefore, I would anticipate a break below the rising support, with a bearish potential towards the $7.00 mark.- At this point, a hold above $10.00 followed by a break above $12.50 would reintroduce the bullish reversal scenario. Without that, we should anticipate continuation of the bearish mode.