DO climbs to highest close since January 26th

Diamond Offshore Drilling (DO) Technical Analysis Report for Apr 16, 2018

Highlights

DO finds buyers at key support level
DO closes higher for the 6th day in a row
DO pushes through previous session high
DO rises to highest close since January 26th

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 6th day in a row, DO ended Monday at 18.71 gaining $0.19 (1.03%) on low volume. Today's closing price of 18.71 marks the highest close since January 26th. Closing above Friday's high at 18.63, the stock confirms its breakout through the prior session's high having traded $0.32 above it intraday.

Daily chart for DO

Volatility

Monday's trading range was $0.69 (3.73%), that's slightly below last trading month's daily average range of $0.82. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being way above average.

Support/Resistance

After trading as low as 18.26 during the day, the share bounced off the key support level at 18.37. The failure to close below the support might increase that levels importance as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Diamond Offshore Drilling

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Latest Report:

DO pushes through key resistance level

Sep 21, 2018
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