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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 $4.96 and $4.96 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.

Potential upside of 159.5% exists for Superior Energy, based on a current level of $4.96 and analysts' average consensus price target of $12.87. The stock should find resistance at its 200-day moving average (MA) of $6.83, as well as support at its 50-day MA of $4.64.

In the past 52 weeks, shares of Superior Energy have traded between a low of $2.87 and a high of $12.73 and are now at $4.96, which is 73% above that low price. The 200-day and 50-day moving averages have moved 1% lower and 1.33% higher over the past week, respectively.

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.

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

Keywords: bearish inside day candle Superior Energy

Ticker(s): SPN