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Technical trade #1: Diamond Offshore Drilling (DO)

Posted Sep 5th 2009 11:00AM by Sam CollinsSam Collins RSS Feed
Filed under: Technical Analysis, Stocks to Buy

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diamond offshore technical analysisWorldwide 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.

diamond offshore drilling

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

Tags: diamond offshore drilling, DO, sam collins, stocks to buy, technical analysis, technical trades

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Last updated: November 22, 2009: 10:57 PM

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