Submitted by admin on Sun, 12/20/2009 - 22:40
Posted in
The chart for Diamond Offshore Drilling (DO) is forming a descending triangle. The descending triangle is considered a bearish consolidation. But you need to wait for a breakout to the downside, if you are interested in shorting the stock. Click the read more link for a minimum price target.
Subtract the max and min prices of the formation and subtract that result to the breakout point. For DO, this would be about $81/share.