Wait for DO to base at 83.4 before going long

A reader requested a chart for Diamond Offshore (DO), here's my technical analysis:

The trend for DO is down (trendline A), however DO is near support at 83.4-85.9. If DO can hold base above 83.4 then I think DO is good for a pop back to 92.3. The longer DO bases above 83.4 the easier it will be for DO to break through trendline A on the way back up. I'd watch this stock for a day or two and wait for the volume to die off. If you can get in at ~83 that's a great entry, but you might have to hold this one for a few months to see profit.