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After Yesterday's Rally of 2.24% Shares Could Potentially Pullback

By David Diaz

Diamond Offshore (NYSE:DO) traded in a range yesterday that spanned from a low of $12.53 to a high of $12.90. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $12.75 on volume of 524,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Diamond Offshore share prices have been bracketed by a low of $11.96 and a high of $21.92 and are now at $12.71, 6% above that low price. The 200-day and 50-day moving averages have moved 0.2% lower and 1.87% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Diamond Offshore on October 18th, 2018 by issuing a Downtrend alert when the shares were trading at $17.92. Since that call, shares of Diamond Offshore have fallen 30.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders diamond offshore

Ticker(s): DO