RIG, SDRL - drillers pushing higher

Whilst the main equity market started the week very subdued, there was noticeable strength in the Oil/Gas drilling stocks. Transocean (RIG) and Seadrill (SDRL) settled higher by 1.1% and 1.3% respectively. Near term outlook is bullish into mid July.


RIG, daily

SDRL, daily

Summary

Suffice to say, the lows from April are now a very long way down, and there looks to be a further 5-10% upside in the relatively near term.
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Both RIG and SDRL have sound balance sheets, with superb long term outlooks. Regardless of any weakness/upset in the main market this late summer/autumn, I'd be looking to pick up both on any pull back in Sept/October.