SDRL, daily
SDRL, weekly
SDRL, monthly
Summary
*frankly, I think the monthly chart is pretty damn interesting. We had a critical lower high in June of $39.35.. and we're now lower for the fourth month of five.
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Oil/gas service sector under severe pressure
WIth Oil prices continuing to slip from the June high of $107.. to the current $73s, there are severe problems for those offering services to Petroleum industry.
Many expected SDRL to cut the dividend in today's Q3 earnings release, but (as far as I know) no one expected it to be suspended.
Frankly, I do not envision SDRL to start paying a dividend again until Q3 2015 earnings.. due late Nov'2015.. a full year away.
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Naturally, other drillers were also severely impacted today...
RIG, daily
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Broader downside targets (as stated many times in recent months)... remain...
RIG 20/17
SDRL 12/10
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I have no significant concerns about the long term future of RIG or SDRL, both will be very tempting buys next year. Although that will be dependent on whether Oil can put in a key floor in the early spring ($65/60), or decline further in the year to the 50/40s.
