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Trading Diamond Offhsore (DO)

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March 06, 2012 – Comments (0) | RELATED TICKERS: DO

DO continues to consolidate in a tight range between 69.30 and 67.88.  It is meeting resistance from the swing close on Oct of 2011, broken support from the summer of 2010 and its downtrend from the summer of 2010.   Short-term support for DO has been at the 67.80's level with DO bouncing off this level over the last few days.    Right now DO is confused where to go after breaking out in the middle of February it has since consolidated near its highs.  It has formed a short-term bearish descending triangle but also has the potential to develop a bull flag pattern.   The descending triangle pattern is the more dominate pattern right now, with DO sitting at support it has a measured move of 2 and potentially send DO to 65.97, which is right around short-term support which comes from the short chopping pattern around 66.21 from a week ago which makes this level a more likely price target for the pattern. .  The bull flag is only still in play if it remains in its channel and trends lower following that track.  If DO breaks below 67.00 in the next two days that pattern is voided.  

Here's the DO Chart

Technical Patterns:

Descending Triangle:  (Bearish)
Top of Triangle: 69.97
Bottom of Triangle: 67.97
Size: 69.97- 67.97 = 2.00
Target: 67.97-2.00 = 67.97
Voided: Above 69.79

Bull Flag (Bullish)
Flag Pole: 64.19-69.97
Flag: Top of flag 69.97 trending down, bottom of flag 68.04 trending down
Size: 5.78
Target: 5.78 move from the breakout which could vary
Voided: 66.90

Trends:
Short-term:  Neutral
Intermediate:  Uptrend
Long-Term: Weak down Trend to Neutral[/frame]

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