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

By Shiri Gupta

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 $9.97 and $10.08 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.

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.

Potential upside of 91.5% exists for Rpc Inc, based on a current level of $9.97 and analysts' average consensus price target of $19.09. Rpc Inc shares should first meet resistance at the 50-day moving average (MA) of $10.72 and find additional resistance at the 200-day MA of $13.37.

Rpc Inc share prices have moved between a 52-week high of $20.74 and a 52-week low of $9.35 and closed yesterday at 7% above that low price at $9.97 per share. The 200-day and 50-day moving averages have moved 1.22% lower and 0.12% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Rpc Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Rpc Inc in search of a potential trend change.

Keywords: bearish am inside day candle rpc inc

Ticker(s): RES