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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 $14.19 and $14.66 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.

Over the past year, Oil States Intl has traded in a range of $11.73 to $34.66 and closed yesterday at $14.38, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.8%.

Potential upside of 141.3% exists for Oil States Intl, based on a current level of $14.38 and analysts' average consensus price target of $34.69. Oil States Intl shares should first meet resistance at the 50-day moving average (MA) of $15.38 and find additional resistance at the 200-day MA of $17.43.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Oil States Intl on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $17.50. Since that call, shares of Oil States Intl have fallen 16.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle oil states intl

Ticker(s): OIS