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Possible Bullish Inside Day Candle Pattern Detected for Hornbeck Offshor (NYSE:HOS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hornbeck Offshor (NYSE:HOS) based on the price action in the company's shares. Yesterday's price range of $1.25 and $1.30 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. Traders and investors interested in shares of Hornbeck Offshor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Hornbeck Offshor have traded between a low of $1.02 and a high of $6.14 and closed yesterday at $1.30, which is 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has slid 0.9%.

Hornbeck Offshor has overhead space with shares priced $1.30, or 67.7% below the average consensus analyst price target of $4.03. The stock should run into initial resistance at its 50-day moving average (MA) of $1.48 and subsequent resistance at its 200-day MA of $3.23.

Hornbeck Offshore Services, Inc., together with its subsidiaries, provides marine transportation, subsea installation, and accommodation support services to exploration and production, oilfield service, offshore construction, and the United States military customers.

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

Keywords: bullish am inside day candle hornbeck offshor

Ticker(s): HOS