Diamond Offshore Drilling Is Close to Resistance
Published on Tuesday, 24 April 2012 05:36 Written by TradersHuddle Wire
New York, April 24th (TradersHuddle.com) - Shares of Diamond Offshore Drilling, Inc. (NYSE:DO) are trading very close to calculated resistance at $70.30. The stock ended the trading session at just $68.39, which is near levels that make it difficult to buy or start a position.
Diamond Offshore Drilling, Inc. (NYSE:DO) drills offshore oil and gas wells on a contract basis. The Company is a world-wide deep water driller that serves markets that include the deep water, harsh environment, conventional semisubmersible and jack-up markets.
Diamond's stock range is defined by its calculated support defined at $63.70 and by the resistance level at $70.30; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Diamond Offshore Drilling. However, as the stock pulls back towards $63.70 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $70.30 then traders will get an opportunity to enter the stock as it moves to a higher range.
- KeyCorp Reports 2013 Dodd-Frank Act Mid-Cycle Stress Test Results
- KeyCorp To Present At The Barclays Global Financial Services Conference
- Randy Paine Named President Of KeyBanc Capital Markets
- KeyCorp Third Quarter 2013 Earnings Release Date And Conference Call
- KeyCorp Closes On Sale Of Victory Capital Management And Affiliate
- KeyCorp Reports Second Quarter 2013 Net Income of $193 Million, or $.21 Per Common Share
- KeyCorp Declares Quarterly Cash Dividend Of Five And One Half Cents
- KeyBank Selected To Pilot U.S. Global Business Solutions Initiative To Increase Small Business Exports
- Organic Growth, Not Merger and Acquisitions, is Driving Middle Market Expansion
- KeyCorp Second Quarter 2013 Earnings Release Date And Conference Call
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines