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Shares of Diamond Offshore Drilling Fall Below Previous 52-Week Low

By David Diaz

Shares of Diamond Offshore Drilling (NYSE:DO) traded today at $12.18, breaking its 52-week low. Approximately 419,000 shares have changed hands today, as compared to an average 30-day volume of 2.5 million shares.

In the past 52 weeks, Diamond Offshore Drilling share prices have been bracketed by a current low of $12.18 and a high of $35.95 and are now at $12.20. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.

Diamond Offshore Drilling, Inc. 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.

There is potential upside of 38.3% for shares of Diamond Offshore Drilling based on a current price of $12.20 and an average consensus analyst price target of $16.87. Diamond Offshore Drilling shares should first meet resistance at the 200-day moving average (MA) of $21.03 and find additional resistance at the 50-day MA of $22.39.

SmarTrend recommended that its subscribers protect gains by selling shares of Diamond Offshore Drilling on April 21st, 2017 by issuing a Downtrend alert when the shares were trading at $14.81. Since that call, shares of Diamond Offshore Drilling have fallen 17.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows Diamond Offshore Drilling

Ticker(s): DO