Can Diamond Offshore Drilling Dazzle Investors?
by Sam Collins 08/26/09
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Diamond Offshore Drilling (DO) -- This company is a worldwide offshore oil and gas drilling contractor.
DO formed a massive bottom known as a cup-and-handle -- a very bullish formation -- coupled with a gold cross (also bullish), and a recent buy signal from the Moving Average Convergence/Divergence (MACD) indicator.
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In order for DO to make the final breakout, it must penetrate the triple-top at $94.50.
If it can do it, the price objective is at least $110.
DO pays a dividend of $8 a share, giving it a yield of 8.8%.
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