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Possible Bullish Inside Day Candle Pattern Detected for Nabors Industries (NYSE:NBR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nabors Industries (NYSE:NBR) based on the price action in the company's shares. Today's price range of $9.54 and $9.73 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. Traders and investors interested in shares of Nabors Industries may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 32.0% exists for Nabors Industries, based on a current level of $9.65 and analysts' average consensus price target of $12.74. The stock should discover initial support at its 200-day moving average (MA) of $9.28 and subsequent support at its 50-day MA of $9.03.

In the past 52 weeks, Nabors Industries share prices have been bracketed by a low of $4.93 and a high of $16.99 and are now at $9.65, 96% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.5%.

Nabors Industries Ltd, is a land drilling contractor, and also performs well servicing and workovers. The Company conducts oil, gas, and geothermal land drilling operations. Nabors' well-site services include oilfield management, well logging, and other support services.

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

Keywords: bullish inside day candle Nabors Industries

Ticker(s): NBR