Diamond Offshore Drilling Is Between the 50 and 200 Day Moving Averages
Published on Monday, 15 October 2012 05:52 Written by TradersHuddle Wire
New York, October 15th (TradersHuddle.com) - Diamond Offshore Drilling, Inc. (NYSE:DO) closed the trading day at $66.58, near its 50 day and 200 day moving averages set at $67.19 and $64.36 respectively. Diamond's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
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 Offshore Drilling seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Diamond Offshore Drilling and wait for the stock to break out above its 50 day moving average at $67.19. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $64.36 breaks, it could signal further downside pressure for Diamond Offshore Drilling.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines