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

By Nick Russo

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 $0.40 and $0.46 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.

In the past 52 weeks, Unit Corp share prices have been bracketed by a low of $0.29 and a high of $17.45 and closed yesterday at $0.43, 50% above that low price. Over the past week, the 200-day moving average (MA) has gone down 4.3% while the 50-day MA has declined 5.6%.

Potential upside of 6,008.4% exists for Unit Corp, based on a current level of $0.43 and analysts' average consensus price target of $26.57. Unit Corp shares should first meet resistance at the 50-day moving average (MA) of $0.53 and find additional resistance at the 200-day MA of $4.03.

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.

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