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After Yesterday's Rally of 4.32% Shares Could Potentially Pullback

By James Quinn

Diamond Offshore (NYSE:DO) traded in a range yesterday that spanned from a low of $19.74 to a high of $20.84. Yesterday, the shares gained 4.3%, which took the trading range above the 3-day high of $19.93 on volume of 1.4 million 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 $10.06 and a high of $20.78 and are now at $20.76, 106% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.6%.

SmarTrend recommended that subscribers consider buying shares of Diamond Offshore on February 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.31. Since that recommendation, shares of Diamond Offshore have risen 30.0%. We continue to monitor DO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders diamond offshore

Ticker(s): DO