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| 6/29/99 Diamond Offshore Drilling (DO)
Points to watch: Diamond Offshore is trying to find a bottom. The stock has found support the past 3 days at 25.75, which is the level of the June 1 lows and is also the 62% retracement of the March 2nd- April 19th rally. The fact that the stock's post June 1 up swing was stopped at the 50% retracement of the prior down swing is a bearish sign for the stock. The 200 day moving average at 26.75 acted as resistance intraday yesterday and is now a weak resistance point. Daily MACD remains on the sell signal given last Tuesday. We would sell, or short the stock on a break below support at 25.75. If the stock holds support, we would wait to buy until the stock moves above the June 16th swing highs.
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