RIG, daily
SDRL, daily
Summary
*see yesterday's post for a broader perspective on RIG and SDRL
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Today's price action in the drillers was simply... dire.
With Oil settling lower by -3% or so, it was no surprise to see the drillers again weak, but even to me.. today's declines were surprisingly strong.
After all, both stocks have effectively imploded already... how much lower can they go in the near term?
Primary targets were... RIG 20/17.... SDRL 12... and we're about there for both.
Secondary... RIG $10... with SDRL 7/5.
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I have to note though, it would likely require Oil to sustainably trade in the $50s for much of next year to have any hope of that degree of continued downside in the drillers.
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*I will consider picking up both... next spring. No sooner.. seems pointless whilst the outlook on oil is broadly bearish.
