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Shares of Diamond Offshore Drilling Fall to a New 52-Week Low

By Amy Schwartz

Diamond Offshore Drilling (NYSE:DO) traded at a new 52-week low today of $11.28. So far today approximately 993,000 shares have been exchanged, as compared to an average 30-day volume of 2.5 million shares.

There is potential upside of 49.1% for shares of Diamond Offshore Drilling based on a current price of $11.31 and an average consensus analyst price target of $16.87. The stock should run into initial resistance at its 200-day moving average (MA) of $21.03 and subsequent resistance at its 50-day MA of $22.39.

Over the past year, Diamond Offshore Drillinghas traded in a range of $11.28 to $35.95 and are now at $11.31. Over the past week, 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.

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 21.9%. 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