Diamond Offshore - DO - Daily - Turning up from oversold buy

Offshore drilling has missed the rally in the oil sector this year. Now with plenty of fresh profits on the books in the oil sector, portfolio managers may lighten up on the winners and go bargain hunting in the discount aisle of the oil sector. Given all of the fundamental issues with rig pricing and weak estimates for earnings, the whole sector is low right now. DO is turning up from a base and has decent support right in this area from long term value buyers. Buy with 53-55 target in the next 1-2 months, versus 48.06 last.