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Possible Bearish Inside Day Candle Pattern Detected for Superior Energy (NYSE:SPN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Superior Energy (NYSE:SPN) based on the price action in the company's shares. Today's price range of $4.63 and $4.64 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 Superior Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Superior Energy share prices have been bracketed by a low of $2.87 and a high of $12.73 and are now at $4.63, 61% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has advanced 2.3%.

Superior Energy Services, Inc. provides the drilling, completion and production related needs of oil and gas companies. The Company plans and designs solutions specialized in oilfield services and equipment that are used throughout the life cycle of oil and gas wells.

There is potential upside of 178.0% for shares of Superior Energy based on a current price of $4.63 and an average consensus analyst price target of $12.87. The stock should find resistance at its 200-day moving average (MA) of $7.41, as well as support at its 50-day MA of $4.22.

SmarTrend recommended that subscribers consider buying shares of Superior Energy on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.94. Since that recommendation, shares of Superior Energy have risen 17.5%. We continue to monitor SPN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Superior Energy

Ticker(s): SPN