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DO

#DO potential bullish breakout set upDiamond Offshore Drilling broke down the 24 USD level in July and since then the stock has tried to break through this level on the upside for 5 times. However the level proved to be strong resistance. Now the stock is testing this level for the 6th time and there seems to be more strength to the upside. Current risky setup where the stock bounced off the 50 daily moving average provides a R/R = 4. For now it might be early to enter this trade. For a safer entry, wait until the stock closes above the 25 USD level which is the level where previous breakouts failed...
DLong
by Hof17
A level for Diamond Offshore drilling accumulationKey reasons for taking a position: Triple RSI divergence, with lower low price made for every higher highs in RSI Velocity of the crash is getting steeper by the day! 77 degrees Price is close to the 2003 support lows. Take your time in building a position gradually over time, as I'd still want to wait for the final indication to go all-in for a confirmation of a reversal. Keep a look-out for the dollar-normalized volume indicator (price X volume). This indicates the general interest in the stock regardless of price level, as a higher price leads to less stock being traded. Take-profit level is set at 0.236 fib retracement level, or the falling trendline since 2008 peak relative to the start of oil crash. >> Be prepared for the price to hit $11, the IPO level. I'd advise not to risk over 10% of your portfolio, although there's a low probability of it happening but it is still possible. Good luck! And stay objective, don't let your bias dictate your positions. I trade technically, fundamentals do not matter much to me as they often lag behind what's already happening. Human sentiment dictates the price more.
DLong
by LastBattle
1
Oil drillers - way overdue for a huge bounce This is a time where all fundamentals about the oversupply of oil, glut, and worsening global economy should be ignored. It is simply so oversold that it in the near term it will vastly outperform most other assets. There's simply a limit to how low it can get before it bottoms. No, WTI (USOIL) isn't going to $20 in the near term yet. I do see a possibility of it testing $48~51 range again. Seadrill Limited (SDRL) Almost 20% away from the lows made in 2009. Price have not recover the slightest bit despite oil price recovering recently. Near term target is $9.5 range. Best of the 3 drillers and current price is a huge bargain here! I am accumulating this at current levels. Transocean LTD (RIG) Price recovered 27% from the recent lows. Not much opportunity unless you're going to hold it for over a year, a recovery to $26 is almost entirely possible. I would wait for a retest of $12 to pick this up. Diamond Offshore Drilling Inc (DO) Keep a lookout for $17~19 level for longs. I don't see much demand in this relative to SDRL and RIG yet. WTI price: ----------------------- Good luck :) and have a good trade.
NYSE:RIGLong
by LastBattle
6
Oil traders - Diamond Offshore weekly says "straddle me!"Diamond Offshore's weekly chart showing 2 potential outcomes for May options expiration: 40 bucks or 23.50. Catalyst? Earnings on the 4th of May. The pitchfork pivots are clear as is the intersection of the midline with resistance at 40. Haglopian line pretty clear and would mark a new low. Also clear is the current price box between 30.60 and 29.06 (found that on the daily chart). All this offers a good set of entries for a straddle. Or just wait for the 4th and bet on the horse after it has left the gate (sometimes that is the best way to make money )
D
by codypd