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.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg 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 CMT Association and the International Federation of Technical Analysts (IFTA).
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