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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 $6.80 and $6.80 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 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.

There is potential upside of 395.9% for shares of Mcdermott Intl based on a current price of $6.80 and an average consensus analyst price target of $33.72. The stock should run into initial resistance at its 50-day moving average (MA) of $7.91 and subsequent resistance at its 200-day MA of $10.43.

In the past 52 weeks, shares of Mcdermott Intl have traded between a low of $5.91 and a high of $22.14 and are now at $6.80, which is 15% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.2% while the 50-day MA has declined 0.5%.

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