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

By David Diaz

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 $3.60 and $3.60 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.

Nabors Inds Ltd (NYSE:NBR) has potential upside of 165.3% based on a current price of $3.60 and analysts' consensus price target of $9.55. The stock should find resistance at its 200-day moving average (MA) of $4.82, as well as support at its 50-day MA of $3.14.

Over the past year, Nabors Inds Ltd has traded in a range of $1.81 to $8.86 and is now at $3.60, 99% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has advanced 2.8%.

SmarTrend recommended that subscribers consider buying shares of Nabors Inds Ltd on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.53. Since that recommendation, shares of Nabors Inds Ltd have risen 46.2%. We continue to monitor NBR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle nabors inds ltd

Ticker(s): NBR