Tuesday, 28 July 2015

RIG, SDRL - a bounce within broader down trend

With the main market and Oil prices significantly higher, the Oil/gas drillers of Transocean (RIG) and Seadrill (SDRL) settled powerfully higher by 7.9% and 8.4% respectively. However, the gains do little to negate the apocalyptic declines since summer 2014.


SDRL, daily


Little to add.

The Oil/gas drillers saw a strong day today, but a one.. or two bounce is almost certainly all it is. The broader trend remains weak.