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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dril-Quip (NYSE:DRQ) based on the price action in the company's shares. Yesterday's price range of $59.07 and $60.37 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 15.1% for shares of Dril-Quip based on a current price of $59.38 and an average consensus analyst price target of $68.33. The stock should run into initial resistance at its 50-day moving average (MA) of $59.41 and subsequent resistance at its 200-day MA of $59.95.

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.

Over the past year, Dril-Quip has traded in a range of $48.88 to $81.68 and closed yesterday at $59.38, 21% above that low. The 200-day and 50-day moving averages have moved 0.04% lower and 1.59% higher over the past week, respectively.

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

Keywords: bearish am inside day candle dril-quip

Ticker(s): DRQ