Reference Points for Diamond Offshore Drilling
Published on Wednesday, 18 July 2012 05:44 Written by TradersHuddle Wire
New York, July 18th (TradersHuddle.com) - Diamond Offshore Drilling, Inc. (NYSE:DO) closed the trading day at $63.24, near its 50 day and 200 day moving averages currently set at $60.13 and $62.30 respectively. Diamond's price action placed the stock above these important levels, which could translate into a trading opportunity.
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.
Although, the price is above important moving averages, it's important to highlight that this is not a prime setup for buying the dip strategy, as the 50 day moving average is currently below the 200 day moving average.
The peaks and troughs algorithm shows calculated support at $55.83 and resistance at $60.76. These levels should also be evaluated by traders when planning their next move, as they provide an insight into the latest price action.
If traders want to establish a long position in Diamond Offshore Drilling, it will certainly be better to wait, given that the stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs to establish a short trade versus those levels.
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