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

By David Diaz

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 $3.41 and $3.42 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.

There is potential upside of 276.4% for shares of Superior Energy based on a current price of $3.42 and an average consensus analyst price target of $12.87. The stock should find initial resistance at its 50-day moving average (MA) of $4.56 and further resistance at its 200-day MA of $6.44.

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 $3.42, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 2.1%.

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

Keywords: bearish inside day candle Superior Energy

Ticker(s): SPN