NYSE:DO   DIAMOND OFFSHORE DRILLING INC
On the daily DO has settled into a neutral price channel . The red line is the long term price support base for the stock. If the bottom has not already occurred, it will somewhere around this price. The blue line is the breakout trigger price. A breakout above that price would suggest the bottom is in for DO and a long term bullish breakout is underway. The indicators look good. MACD is heading up. OBV has started to turn positive and Stoch RSI has already headed up.


Weekly
DO's price action on the weekly has begun to flatten out, BUT not stop going down. A descending inverse H&S has formed suggesting a bullish setup is possible. There are still two important higher highs: $26.49 on 07/11/2016 and $20.41 on 01/08/2018 that must be taken out first. If those two can be taken out it would suggest the inverse H&S was a bottom. Notice that the indicators also look good. MACD heading up. Stoch RSI setting up for an up move. OBV also looks good

Monthly
DO's price has returned to it's long term base after years of price declines. Recently price has flattened out. This is important, it means price momentum can begin to turn in the other direction (or it means the company has become a zombie stock, but i do not think that is the case with this one). Looking at the indicators, notice Stoch RSI has already sprung up. OBV has flattened out after years off declines and the MACD is leading up.


So how to play this? My suggestion is to see this stock less as a trade and more as an investment. Use the red line as your trigger to exit and the blue line as your trigger to buy. I would either buy the stock outright and hold it or use options. The Jan 2020 call strike $17.5 bid ask: 4.25 4.80 looks promising. You could probably exit the option sometime in 2019.

All that being said, I am not stock guru or certified financial anything. Do what you will with the idea.
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