RIG, SDRL - just another bad day to drill

Whilst the main market saw minor weak chop, there was particular weakness in the Oil/drillers. Transocean (RIG) and Seadrill (SDRL) settled lower by a significant -4.5% and -3.2% respectively. Near term outlook remains very bearish, not least as WTIC Oil looks vulnerable to breaking the recent $43 low.


RIG, daily

SDRL, daily

Summary

*I'd refer anyone to the bigger monthly cycle charts for RIG or SDRL - as highlighted in previous posts.
--

Suffice to say, a bad start to the week for the oil/gas drilling stocks. The broader trend remains exceptionally weak. Whilst oil/gas prices remain vulnerable to breaking new lows, RIG & SDRL look similarly likely to break new multi-year lows.

--
**RIG has earnings this Wednesday.