Whilst the broader market continued to climb, there was notable weakness in energy stocks. The oil/gas drillers of Transocean (RIG) and Seadrill (SDRL) settled lower by a very significant -5.0% and -4.6% respectively. Near term outlook is a little shaky.. if WTIC Oil doesn't resume higher, and break >$62.
Price action/structure is far weaker in RIG, with a clear break of the recent upward trend.
Oil could easily climb into the $65/67 zone this July/August, but most analysts/traders seem resigned to renewed downside in Oil prices later this year.
If that is the case, RIG and SDRL will be liable to break under their mid March lows.
*I like both stocks on a multi-year basis.. but have no interest in considering either on the long-side until late summer.