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Worldwide offshore oil and gas drilling contractor Diamond Offshore Drilling Inc. (NYSE: DO) has formed a massive bottom known as a cup-and-handle, which is a very bullish formation.
Coupled with a gold cross (also bullish), DO recently flashed a buy signal from the Moving Average Convergence/Divergence (MACD) indicator.
In order for DO to make the final breakout, it must penetrade the triple-top at $94.50. If it can do it, the price objective is at least $110 with a longer-term goal of $150.
DO pays a dividend of $8 per share, giving it a dividend yield of 8.8%.
Next: Technical Trade #2
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