RIG, SDRL - drillers resuming higher

Having been knocked lower since mid June, the oil/gas drillers have apparently floored, and have begun a new multi-week up cycle. Transocean (RIG) and Seadrill (SDRL) settled higher by a significant 2.8% and 1.9% respectively.


RIG, daily

SDRL, daily

Summary

RIG was gaining some particular attention today, and the daily cycle is offering a rather clear reversal, from what is a likely double floor in the $37s.

SDRL is somewhat stronger than RIG, and is offering a large bull flag on the weekly cycle...

So long as the main market can continue to claw higher into September, there looks to be reasonable upside for all the drillers, including DO (Diamond offshore).

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*I am long SDRL from $37.50s this afternoon. seeking an initial exit in the 39.50/40.25 zone..which seems very viable within the very near term.