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Possible Bearish Inside Day Candle Pattern Detected for Core Laboratories (NYSE:CLB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Core Laboratories (NYSE:CLB) based on the price action in the company's shares. Yesterday's price range of $101.61 and $104.52 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 Core Laboratories may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Core Laboratories has overhead space with shares priced $103.55, or 15.4% below the average consensus analyst price target of $122.41. The stock should find initial resistance at its 200-day moving average (MA) of $110.39 and further resistance at its 50-day MA of $115.41.

Core Laboratories N.V. provides reservoir description, production enhancement, and reservoir management services. The Company's customers include major, national, and independent oil and gas producers. Core also manufactures and sells petroleum reservoir rock and fluid analysis instrumentation and other integrated systems.

Core Laboratories share prices have moved between a 52-week high of $135.49 and a 52-week low of $84.50 and closed yesterday at 23% above that low price at $103.55 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.5%.

SmarTrend is monitoring the recent change of momentum in Core Laboratories. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Core Laboratories in search of a potential trend change.

Keywords: bearish am inside day candle core laboratories

Ticker(s): CLB