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Possible Bearish Inside Day Candle Pattern Detected for Nabors Inds Ltd (NYSE:NBR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nabors Inds Ltd (NYSE:NBR) based on the price action in the company's shares. Today's price range of $7.15 and $7.30 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 Nabors Inds Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Nabors Industries Ltd., is a land drilling contractor, and also performs well servicing and workovers. The Company conducts oil, gas, and geothermal land drilling operations. Nabors well-site services include oilfield management, well logging, and other support services.

Over the past year, Nabors Inds Ltd has traded in a range of $5.32 to $18.40 and is now at $7.16, 35% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.5%.

Nabors Inds Ltd has overhead space with shares priced $7.16, or 17.3% below the average consensus analyst price target of $8.66. The stock should run into initial resistance at its 50-day moving average (MA) of $9.03 and subsequent resistance at its 200-day MA of $9.28.

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

Keywords: bearish inside day candle nabors inds ltd

Ticker(s): NBR