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DO Trade Setup

DO (Diamond Offshore Drilling) is on watch for a possible official long trade idea. While a break of this downtrend line + the 24.75 level could spark a lasting rally, I'm leaning towards a brief pop followed by a backtest of the downtrend. I'm only passing DO along as an unofficial trade idea for now for those that might be interested. Should I decide to add the stock as an official trade idea, the entry criteria, suggested stop & price targets will follow in another post.

DO daily April 20th

DO daily April 20th

Nice strong divergent low on the DO weekly chart which is likely to provide the impetus for a lasting breakout & rally above the lower downtrend line & resistance zone in the coming weeks to months.

DO weekly April 20th

DO weekly April 20th

Apr 20, 2016 10:37am|Categories: Unofficial Long Ideas|Tags: |1 Comment

One Comment

  1. Profile gravatar of tmeyaart
    tmeyaart May 4, 2016 11:31 am at 11:31 am

    DO backtesting today.

    0

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