codypd

Oil traders - Diamond Offshore weekly says "straddle me!"

NYSE:DO   DIAMOND OFFSHORE DRILLING INC
47 0 1
Diamond Offshore's weekly chart showing 2 potential outcomes for May options expiration: 40 bucks or 23.50. Catalyst? Earnings on the 4th of May.

The pitchfork pivots are clear as is the intersection of the midline with resistance at 40. Haglopian line pretty clear and would mark a new low.

Also clear is the current price box between 30.60 and 29.06 (found that on the daily chart ). All this offers a good set of entries for a straddle. Or just wait for the 4th and bet on the horse after it has left the gate (sometimes that is the best way to make money )
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