Diamond Drilling; 3 Patterns The Bulls Dont SeePosted: September 3, 2013
Diamond Offshore Drilling (DO) touched its ever high of 149.30 on the last day of 2007 and has been in a down trend ever since. 3 interesting patterns that have developed in that period;
Starting off with the weekly picture; DO is forming a descending triangle shown in green. According to statistics most descending triangles break to the down side.
Second warning sign is DO medium term trend line (in red) since 2011 broke down today.
On the daily chart DO has completed a 10-months H&S Top with blue neckline.
These are the warning signs and I will leave you to reach your own conclusion on where DO is drilling next 🙂
Awaiting your likes & comments and sharing