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Possible Bearish Inside Day Candle Pattern Detected for Unit Corp (NYSE:UNT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Unit Corp (NYSE:UNT) based on the price action in the company's shares. Yesterday's price range of $0.89 and $0.92 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 Unit Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Unit Corporation, through its subsidiaries, contracts to drill onshore oil and natural gas wells, as well as develops, acquires, and produces oil and natural gas properties. The Company's operations are located primarily in the Anadarko and Arkoma Basins, as well as the south Texas and Permian Basins. Unit also has producing properties in other states and Canada.

Over the past year, Unit Corp has traded in a range of $0.60 to $21.84 and closed yesterday at $0.91, 52% above that low. The 200-day and 50-day moving averages have moved 2.67% lower and 8.43% lower over the past week, respectively.

There is potential upside of 2,819.9% for shares of Unit Corp based on a current price of $0.91 and an average consensus analyst price target of $26.57. The stock should find initial resistance at its 50-day moving average (MA) of $2.15 and further resistance at its 200-day MA of $8.00.

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

Keywords: bearish am inside day candle unit corp

Ticker(s): UNT