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Possible Bullish Inside Day Candle Pattern Detected for Oceaneering Intl (NYSE:OII)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Oceaneering Intl (NYSE:OII) based on the price action in the company's shares. Yesterday's price range of $17.94 and $18.66 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 Oceaneering Intl may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Oceaneering Intl has traded in a range of $17.11 to $32.30 and closed yesterday at $18.35, 7% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.8%.

Oceaneering Intl (NYSE:OII) has potential upside of 12.6% based on a current price of $18.35 and analysts' consensus price target of $20.67. The stock should run into initial resistance at its 50-day moving average (MA) of $32.14 and subsequent resistance at its 200-day MA of $37.54.

Oceaneering International, Inc. is a global provider of engineered services and products to the offshore oil and gas industry. The Company offers services and products in remotely operated vehicles, mobile offshore production systems, engineering and product management, manned diving, and other deep water applications. Oceaneering also serves the defense and aerospace industries.

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

Keywords: bullish am inside day candle oceaneering intl

Ticker(s): OII