• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Newpark Resources (NYSE:NR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Newpark Resources (NYSE:NR) based on the price action in the company's shares. Today's price range of $5.77 and $5.91 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 Newpark Resources 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 23.7% for shares of Newpark Resources based on a current price of $5.86 and an average consensus analyst price target of $7.25. The stock should discover initial support at its 200-day moving average (MA) of $5.38 and subsequent support at its 50-day MA of $4.41.

Newpark Resources, Inc. provides environmental services to the oil and gas exploration and production industry, primarily in the Gulf Coast market. Services include processing and disposal of oilfield exploration and production waste and drilling fluids, along with associated engineering and technical services, and fluids processing and recycling services at the rig site.

Over the past year, Newpark Resources has traded in a range of $3.35 to $10.32 and is now at $5.86, 75% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has slid 0.9%.

SmarTrend recommended that subscribers consider buying shares of Newpark Resources on June 15th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.58. Since that recommendation, shares of Newpark Resources have risen 6.5%. We continue to monitor NR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle newpark resources

Ticker(s): NR