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Possible Bearish Inside Day Candle Pattern Detected for Dril-Quip Inc (NYSE:DRQ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dril-Quip Inc (NYSE:DRQ) based on the price action in the company's shares. Yesterday's price range of $45.32 and $45.32 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 Dril-Quip Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Dril-Quip Inc have traded between a low of $26.62 and a high of $58.95 and closed yesterday at $45.46, which is 71% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.0%.

Dril-Quip, Inc. designs and manufactures offshore drilling and production equipment. The Company's equipment consists of subsea, surface, and offshore rig equipment for use by oil and gas companies in offshore areas throughout the world. Dril-Quip provides installation and reconditioning services, and also rents running tools.

Dril-Quip Inc (NYSE:DRQ) is currently priced 6.9% above its average consensus analyst price target of $42.33. The stock should find initial support at its 200-day moving average (MA) of $44.50 and further support at its 50-day MA of $38.71.

SmarTrend recommended that subscribers consider buying shares of Dril-Quip Inc on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.86. Since that recommendation, shares of Dril-Quip Inc have risen 38.5%. We continue to monitor DRQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle dril-quip inc

Ticker(s): DRQ