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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Superior Energy Services (NYSE:SPN) based on the price action in the company's shares. Today's price range of $10.84 and $11.27 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 Services may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Superior Energy Services share prices have moved between a 52-week high of $26.95 and a 52-week low of $8.25 and are now trading 32% above that low price at $10.91 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.3% while the 200-day MA has slid 0.4%.

Superior Energy Services, Inc. provides specialized oilfield services and equipment. The Company conducts operations offshore in the Gulf of Mexico and throughout the Gulf Coast region. Superior leases oilfield equipment, provides oil and gas well plug and abandonment services, and provides other equipment and services.

Potential upside of 85.4% exists for Superior Energy Services, based on a current level of $10.91 and analysts' average consensus price target of $20.23. Superior Energy Services shares should first meet resistance at the 50-day moving average (MA) of $13.52 and find additional resistance at the 200-day MA of $13.77.

SmarTrend recommended that its subscribers protect gains by selling shares of Superior Energy Services on March 7th, 2017 by issuing a Downtrend alert when the shares were trading at $16.10. Since that call, shares of Superior Energy Services have fallen 29.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle superior energy services

Ticker(s): SPN