With Oil negating much of the powerful Tuesday gains, the oil/gas drillers were under considerable downward pressure. Transocean (RIG), and Seadrill (SDRL) settled lower by -3.0% and -3.2% respectively. Near term outlook is weak, but mid term is now bullish.
Suffice to add, not a great day for most energy stocks (as oil was lower by around -3.8%), but then, all have massively rallied since the BREXIT low, and more so.. the Jan/Feb' lows.
In terms of 'survival', RIG looks secure. However, SDRL still looks somewhat vulnerable, and remains lower by a monstrous -92% since the June 2014 high of $39.35.
The bigger monthly charts for some perspective...
RIG looks an interesting long, once oil stabilises somewhere above $40.