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Possible Bearish Inside Day Candle Pattern Detected for Oil States Intl (NYSE:OIS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oil States Intl (NYSE:OIS) based on the price action in the company's shares. Yesterday's price range of $17.29 and $17.60 is within the prior day'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 Oil States Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Oil States International, Inc., through its subsidiaries, provides oilfield products and services for the drilling, completion, subsea, production, and infrastructure sectors of the oil and gas industry worldwide.

In the past 52 weeks, Oil States Intl share prices have been bracketed by a low of $13.20 and a high of $38.95 and closed yesterday at $17.26, 31% above that low price. The 200-day and 50-day moving averages have moved 0.94% lower and 0.18% lower over the past week, respectively.

There is potential upside of 101.0% for shares of Oil States Intl based on a current price of $17.26 and an average consensus analyst price target of $34.69. The stock should find resistance at its 200-day moving average (MA) of $24.66, as well as support at its 50-day MA of $16.84.

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

Keywords: bearish am inside day candle oil states intl

Ticker(s): OIS