A Possible Diamond in the Rough

Friday, September 8, 2017

The Energy sector has been the best performing sector of the past week with the SPDR Energy select sector ETF (XLE) returning 3.6%. Oil equipment & services stocks have given the most help pushing the sector higher.
While drilling for oil stocks, Recognia’s technical event screener has identified very strong bullish evidence for Diamond Offshore Drilling (DO). Our top-down analysis shows the stock is well aligned to the Energy sector and overall market direction relative to the S&P500. We have identified some bullish technical events happening now.
 
Momentum (Weekly chart): upward momentum has just built up with the latest price now trading higher than the price 10 bars ago.

 
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