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Possible Bearish Inside Day Candle Pattern Detected for Weatherford International (NYSE:WFT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Weatherford International (NYSE:WFT) based on the price action in the company's shares. Today's price range of $6.15 and $6.29 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 Weatherford International 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 100.2% exists for Weatherford International, based on a current level of $6.16 and analysts' average consensus price target of $12.33. The stock should find initial resistance at its 50-day moving average (MA) of $7.31 and further resistance at its 200-day MA of $8.60.

Weatherford International Ltd. provides equipment and services used for the drilling, completion, and production of oil and natural gas wells. The Company offers drilling and intervention services, completion systems, artificial lift systems, and compression services. Weatherford conducts operations in substantially all of the oil and natural gas producing regions in the world.

Weatherford International share prices have moved between a 52-week high of $14.91 and a 52-week low of $4.71 and are now trading 31% above that low price at $6.16 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.9%.

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

Keywords: bearish inside day candle weatherford international

Ticker(s): WFT