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Possible Bearish Inside Day Candle Pattern Detected for Mcdermott Intl (NYSE:MDR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mcdermott Intl (NYSE:MDR) based on the price action in the company's shares. Today's price range of $10.19 and $10.45 is within yesterday'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 Mcdermott Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mcdermott Intl share prices have moved between a 52-week high of $23.36 and a 52-week low of $6.00 and are now trading 70% above that low price at $10.19 per share. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 0.4%.

McDermott International, Inc. is a worldwide energy services company. The Company and its subsidiaries provides engineering, fabrication, installation, procurement, research, manufacturing, environmental systems, project management, and facility management services to a variety of customers in the energy and power industries, including the U.S. Department of Energy.

Mcdermott Intl (NYSE:MDR) has potential upside of 230.9% based on a current price of $10.19 and analysts' consensus price target of $33.72. The stock should find resistance at its 200-day moving average (MA) of $12.30, as well as support at its 50-day MA of $8.20.

SmarTrend is tracking the current trend status for Mcdermott Intl and will alert subscribers who have MDR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle mcdermott intl

Ticker(s): MDR