Despite the main market settling broadly higher, there was relative weakness in the oil/gas driller of Transocean (RIG), which cooled from an early high of $11.73, settling -1.2% @ $11.18. Broader trend remains weak, stuck under the 200dma, and that is with WTIC oil having ramped from the $26s to the low $50s.
RIG is one of the main energy stocks I regularly follow.
RIG has been under broad downward pressure since Oil began cooling in summer 2014, falling from the $38s to the $7s. Considering Oil has effectively doubled since February, RIG is lagging.
*if the main market sees an upside bullish breakout, I'd actually consider RIG - or KMI, as short/mid term upside trades in the weeks ahead... but such a market move seems unlikely.
So long as the main market does not break new historic highs, RIG shall remain on the 'disappear list'.