A level for Diamond Offshore drilling accumulation
Key reasons for taking a position:
Take your time in building a position gradually over time, as I'd still want to wait for the final indication to go all-in for a confirmation of a reversal.
Keep a look-out for the dollar-normalized volume indicator (price X volume). This indicates the general interest in the stock regardless of price level, as a higher price leads to less stock being traded.
Take-profit level is set at 0.236 fib retracement level, or the falling trendline since 2008 peak relative to the start of oil crash.
>> Be prepared for the price to hit $11, the IPO level. I'd advise not to risk over 10% of your portfolio, although there's a low probability of it happening but it is still possible.
Good luck! And stay objective, don't let your bias dictate your positions.
I trade technically, fundamentals do not matter much to me as they often lag behind what's already happening. Human sentiment dictates the price more.
- Triple RSI divergence, with lower low price made for every higher highs in RSI
- Velocity of the crash is getting steeper by the day! 77 degrees
- Price is close to the 2003 support lows.
Take your time in building a position gradually over time, as I'd still want to wait for the final indication to go all-in for a confirmation of a reversal.
Keep a look-out for the dollar-normalized volume indicator (price X volume). This indicates the general interest in the stock regardless of price level, as a higher price leads to less stock being traded.
Take-profit level is set at 0.236 fib retracement level, or the falling trendline since 2008 peak relative to the start of oil crash.
>> Be prepared for the price to hit $11, the IPO level. I'd advise not to risk over 10% of your portfolio, although there's a low probability of it happening but it is still possible.
Good luck! And stay objective, don't let your bias dictate your positions.
I trade technically, fundamentals do not matter much to me as they often lag behind what's already happening. Human sentiment dictates the price more.
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