SDRL - the post earnings slide continues

Since earnings came out in late August, Seadrill (SDRL) has been on the slide, falling from the $36s, settling today -1.9% @ $32.82. Next support is around 31/30, if that fails, then the $26/24 zone is likely within a few months.


SDRL, daily

SDRL, weekly

Summary

I remain a major fan of the oil/gas driller stocks - unquestionably a key sector for the long term, but Mr Market has no such interest, with the entire sector suffering since June.

The current multi-week down cycle is a rather severe one, and SDRL looks set to have lost a quarter of its value by Oct/November.

SDRL has a sound balance sheet, and is within a sector that I am very bullish about.

Another key problem right now remains weak Oil/Nat' gas prices, that sure is not inspiring the mainstream to take an interest in the sector. That level of disdain though... won't last forever.
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*I was long SDRL just ahead of earnings, but bailed in the $35s... and currently have no interest to re-enter until a major market correction... or if Nat' gas falls from $3.80 to the $3.30/20s.