Don't Ignore This Chart!

Diamonds For Christmas? How About Diamond Offshore (DO)

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Diamonds are always popular this year. Perhaps its time to think about a relationship with the unloved energy services sector. Diamond Offshore Drilling (DO) has broken above a beautiful head/shoulders base this week. The SCTR has soared above 70, the relative strength has broken to new 9 month highs and the MACD has recently pulled back to reset at the zero line and just started to turn up.

I also covered a lot of other Oil Services stocks on the Commodities Countdown with Greg Schnell 2017-12-21. It looks like the Oil Services could kick off the new year with a bang. 

Good trading,
Greg Schnell, CMT, MFTA.

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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