RIG, SDRL - drillers under pressure

With oil closing significantly lower (but still relatively close to the $50 threshold), the oil/gas drillers of Transocean (RIG), and Seadrill (SDRL), were naturally on the slide, settling -2.9% and -3.1% respectively. Mid term outlook remains bearish, as both companies look extremely vulnerable to disappearing entirely.


RIG, daily

SDRL, daily

Summary

RIG: recent price action is pretty messy, but is broadly still leaning weak, holding well below the 200/50 day MAs.

SDRL: almost back to the April low of $2.70.

--
Of the two, SDRL is the most problematic, and I'd be extremely surprised if this company is not on the pink sheets by the autumn.