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Possible Bearish Inside Day Candle Pattern Detected for Rpc Inc (NYSE:RES)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rpc Inc (NYSE:RES) based on the price action in the company's shares. Yesterday's price range of $10.68 and $11.07 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 Rpc Inc 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 71.7% for shares of Rpc Inc based on a current price of $11.12 and an average consensus analyst price target of $19.09. The stock should run into initial resistance at its 50-day moving average (MA) of $12.39 and subsequent resistance at its 200-day MA of $14.98.

RPC, Inc. provides specialized oilfield services and equipment to independent and major oilfield companies. The Company's services include snubbing services, coiled tubing services, pressure pumping services, marine services, firefighting and well control, and rental of drill pipe and other equipment.

In the past 52 weeks, shares of Rpc Inc have traded between a low of $9.35 and a high of $26.71 and closed yesterday at $11.12, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 2.3%.

SmarTrend is tracking the current trend status for Rpc Inc and will alert subscribers who have RES in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle rpc inc

Ticker(s): RES