RIG, SDRL - the broader down trend continues

Whilst the major US equity indexes managed to break the recent down trend, there was continued weakness in the Oil/Gas drillers. Transocean (RIG) and Seadrill (SDRL) settled lower by -1.2% and -1.6% respectively.


RIG, weekly

SDRL, weekly

Summary

*I'll omit the daily charts, and just focus on the bigger weekly cycles
--

Suffice to say, the last 3 months have been a pretty horrific time for the driller stocks. As thing are, there is no sign of the down trend ending.

Considering the main market has continued to broadly rally into the late summer, the performance of the drilling stocks is even more dire.
-

At some point this sector destruction is going to end.. .but for now, I have zero interest in being long any of them, which includes, DO, RIG, and SDRL.