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Possible Bullish Inside Day Candle Pattern Detected for Rpc Inc (NYSE:RES)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rpc Inc (NYSE:RES) based on the price action in the company's shares. Yesterday's price range of $4.04 and $4.25 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 Rpc Inc 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 361.1% exists for Rpc Inc, based on a current level of $4.14 and analysts' average consensus price target of $19.09. The stock should find initial resistance at its 50-day moving average (MA) of $4.53 and further resistance at its 200-day MA of $6.07.

RPC, Inc. provides specialized oilfield services and equipment to independent and major oilfield companies. The Company's services include snubbing services, coiled tubing services, pressure pumping services, marine services, firefighting and well control, and rental of drill pipe and other equipment.

In the past 52 weeks, Rpc Inc share prices have been bracketed by a low of $3.30 and a high of $13.11 and closed yesterday at $4.14, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Rpc Inc on January 22nd, 2020 by issuing a Downtrend alert when the shares were trading at $4.51. Since that call, shares of Rpc Inc have fallen 12.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle rpc inc

Ticker(s): RES