With WTIC oil seeing a net daily decline of around -3.4% in the $50s, many energy stocks were naturally in cooling mode. Transocean (RIG) and Seadrill (SDRL) settled lower by -5.0% and -9.2% respectively. Near term outlook offers further weakness across the next 2-4 days.
*note the black-fail daily candles as seen on Monday. As ever, those are not to be dismissed lightly, and were good early warnings of the current down wave.
Suffice to add... oil is in cooling mode, and along with the broader market retracing, the energy stocks are under particular downward pressure.
Both RIG and SDRL look set for another 5-10% lower in the near term. Broadly though, mid term outlook is bullish, as both have achieved very significant breakouts.
Yours truly has eyes on RIG... along with APA, APC, KMI, and MRO.