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Possible Bearish Inside Day Candle Pattern Detected for Bristow Group In (NYSE:BRS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bristow Group In (NYSE:BRS) based on the price action in the company's shares. Yesterday's price range of $7.48 and $7.69 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Bristow Group In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Bristow Group In has overhead space with shares priced $7.62, or 34.3% below the average consensus analyst price target of $11.60. The stock should run into initial resistance at its 50-day moving average (MA) of $19.21 and subsequent resistance at its 200-day MA of $27.02.

In the past 52 weeks, Bristow Group In share prices have been bracketed by a low of $6.21 and a high of $21.88 and closed yesterday at $7.62, 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% while the 200-day MA has slid 2.1%.

Bristow Group, Inc. provides helicopter transportation services to the offshore oil and gas industry. Through its subsidiaries, affiliates, and joint ventures, the Company offers transportation services in oil and gas producing regions around the world.

SmarTrend recommended that its subscribers protect gains by selling shares of Bristow Group In on January 10th, 2017 by issuing a Downtrend alert when the shares were trading at $18.95. Since that call, shares of Bristow Group In have fallen 59.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle bristow group in

Ticker(s): BRS